The Rise of BRIC Economies
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In 2001, James O’Neill of Goldman Sachs authored a paper titled “Building Better Global Economic BRICs.” The BRICs acronym in the title referred to:
- Brazil
- Russia
- India
- China
These nations are reshaping the international economy with the potential to transform global trade and capital flows. BRICs are large economies, ranking among the world’s top 10 in population and top 11 in GDP. They have undergone reforms that have transformed them, making them more internationally integrated and central to the future of the world economy.
In 2010, these countries accounted for approximately 41 percent of the world’s population and 25 percent of world GDP when measured in PPP terms.
21st Century Growth
China (Post-1978)
- Prior to 1978, private enterprise