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'''BRICs''' ([[Brazil]], [[Russia]], [[India]], and [[China]]) is a coalition of regional and [[superpower]]s |
'''BRICs''' ([[Brazil]], [[Russia]], [[India]], and [[China]]) is a coalition of regional and [[superpower]]s. The thesis was proposed by Jim O'Neil, global economist at Goldmann Sachs. They are also called '''New Wave countries''' by the media. The coalition would encompass over forty percent of the world's population and hold a combined [[Gross domestic product|GDP]] [PPP] of 12.14 trillion dollars. On almost every scale, it would be the largest entity on the global stage. The countries are not part of any politcal alliance (such as the European Union) or any formal trading association, like ASEAN. It is a term used in the political and economic sphere to symbolise those countries that show great economic promise. |
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== History == |
== History == |
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BRIC, |
The BRIC thesis recognises that Brazil, Russia, India and China have changed their political systems to embrace global capitalism. China and India are predicted to be, one can argue that the are, dominant in the field of manufacturing and also in services (for India in particular) while Brazil and Russia would be dominant countries to supply these countries with commodities (Soya and Iron Ore for Brazil, Oil from Russia). In this process, commodities, work, technology, and companies have diffused outward from the United States across the world. Following the end of the [[Cold War]] or even before, the governments comprising BRIC all initiated economic or political reforms to allow their countries to enter the world economy. In order to compete, these countries have simultaneously stressed education, foreign investment, domestic consumption, and domestic entrepreneurship. |
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== Current Issues == |
== Current Issues == |
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The BRIC thesis is merely just that. Prediction of events in future has always been notoriously difficult. There are many uncertainties and assumptions that could mean that any of these four countries do not live up to their promise. The preeminence of China and India as major manufacturing countries with unrealised potential has been widely recognised, but some commentators state that China's lack of full democracy could be a problem in the future, as is the possibility of conflict over Taiwan. Likewise, the population of Russia is declining, and this may have implications for its future. The potential of Brazil has been speculated upon for many decades without amounting to fulfilling this potential. Factors such as international conflict, civil unrest, political policy, outbreaks of disease and terrorism are all factors that are difficult to predict and that could have an effect on the destiny of any country. India, China and Russia are all in disupte regarding territory for example. Nonetheless, the BRIC thesis is based upon thorough analysis of key economic indicators. |
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What extends BRIC into the realm of political alliance, however, is not this common economic history or the common opportunities of globalization, but the effects that globalization and the economic development that globalization initiated (i.e. a wealthier population) combined with unpopular American or European actions on the world scene. The wealth effect of globalization and the education within BRIC which has allowed it has produced governments within BRIC that are far more stable and powerful than those which came before. Brazil, China, India, and Russia are all ruled by leaders or bureacracies that are far more self-confident than at any other time in recent history. Unilateral actions on the part of the United States, therefore, are not met by acquiescence, but by opposition. Therefore, Cuba and Venezuela, shunned by the United States, are now embraced by BRIC. The countries of BRIC, however, do not want war. They do not want territory. What they want is an end to their poverty, an end to their humiliation, and an end to the global and unilateral leadership of the United States. |
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== External links == |
== External links == |
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Revision as of 21:53, 13 October 2005
BRICs (Brazil, Russia, India, and China) is a coalition of regional and superpowers. The thesis was proposed by Jim O'Neil, global economist at Goldmann Sachs. They are also called New Wave countries by the media. The coalition would encompass over forty percent of the world's population and hold a combined GDP [PPP] of 12.14 trillion dollars. On almost every scale, it would be the largest entity on the global stage. The countries are not part of any politcal alliance (such as the European Union) or any formal trading association, like ASEAN. It is a term used in the political and economic sphere to symbolise those countries that show great economic promise.
History
The BRIC thesis recognises that Brazil, Russia, India and China have changed their political systems to embrace global capitalism. China and India are predicted to be, one can argue that the are, dominant in the field of manufacturing and also in services (for India in particular) while Brazil and Russia would be dominant countries to supply these countries with commodities (Soya and Iron Ore for Brazil, Oil from Russia). In this process, commodities, work, technology, and companies have diffused outward from the United States across the world. Following the end of the Cold War or even before, the governments comprising BRIC all initiated economic or political reforms to allow their countries to enter the world economy. In order to compete, these countries have simultaneously stressed education, foreign investment, domestic consumption, and domestic entrepreneurship.
Current Issues
The BRIC thesis is merely just that. Prediction of events in future has always been notoriously difficult. There are many uncertainties and assumptions that could mean that any of these four countries do not live up to their promise. The preeminence of China and India as major manufacturing countries with unrealised potential has been widely recognised, but some commentators state that China's lack of full democracy could be a problem in the future, as is the possibility of conflict over Taiwan. Likewise, the population of Russia is declining, and this may have implications for its future. The potential of Brazil has been speculated upon for many decades without amounting to fulfilling this potential. Factors such as international conflict, civil unrest, political policy, outbreaks of disease and terrorism are all factors that are difficult to predict and that could have an effect on the destiny of any country. India, China and Russia are all in disupte regarding territory for example. Nonetheless, the BRIC thesis is based upon thorough analysis of key economic indicators.