By Fyodor Lukyanov, editor-in-chief of the...
The notion of BRIC, an acronym introduced in political usage a few years ago to refer to the related economies of Brazil, Russia, India, and China, has evolved significantly over the time. It was first used by an economist with U.S. investment company Goldman Sachs in a 2003 review which described the four fast growing economies as potential 21st century economic leaders. The global economy has gone through a boom which showed that the four BRIC economies had more differences than similarities and that their prospects also differed dramatically, at least for the midterm.
Nevertheless, the U.S. bankers’ concept survived and evolved as the four countries unexpectedly brought together in this context, began political interaction. Initially a purely economic notion, the BRIC group has grown into evidence of the modern world’s multi-polarity. This structure is forming naturally, and it is therefore not surprising that the four nations were so eager to grab at this similarly
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