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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 |
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 dispute regarding territory for example. Nonetheless, the BRIC thesis is based upon thorough analysis of key economic indicators. |
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== External links == |
== External links == |
Revision as of 16:33, 2 November 2005
BRICs (Brazil, Russia, India, and China) are four countires whose economic potential is such that they may become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neil, global economist at Goldmann Sachs. 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. These four countries are not a political alliance (such as the European Union) or any formal trading association, like ASEAN. BRIC is merely a term of reference.
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 they 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 (soy 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 dispute regarding territory for example. Nonetheless, the BRIC thesis is based upon thorough analysis of key economic indicators.