The BRICS Fallacy
The world’s obsession with the perceived rise and fall of the BRICS reflects a desire to identify the country or bloc that will take over from the US as global leader. But, in searching for the “next big thing,” the world is ignoring the need for the US to continue to engage globally.
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MADRID – The recent downgrade of Brazil’s credit rating to junk status was followed by a raft of articles heralding the crumbling of the BRICS (Brazil, Russia, India, China, and South Africa). How predictable: schadenfreude almost always follows bad news about the BRICS, whose members were once hailed as the world’s up-and-coming economic powerhouses and next major political force.