HOW BRICs HAVE CHANGED THE WORLD
Swaminathan S Anklesaria Aiyar, TNN
The Economic Times, 23 Apr, 2008
In 2001, Goldman Sachs came out with the concept of the BRICs - Brazil, Russia, India China - as high-population countries that would dominate the world economy by 2050. At the time, global financiers sneered that this was a facile formulation to get business from the gullible. Very little global finance trickled into the stock markets of the four countries in 2001.
Swaminathan S Anklesaria Aiyar, TNN
The Economic Times, 23 Apr, 2008
In 2001, Goldman Sachs came out with the concept of the BRICs - Brazil, Russia, India China - as high-population countries that would dominate the world economy by 2050. At the time, global financiers sneered that this was a facile formulation to get business from the gullible. Very little global finance trickled into the stock markets of the four countries in 2001.
Seven years later, the BRICs have outperformed the most optimistic projections. Goldman Sachs had predicted that these countries would account for 10% of world GDP by the end of the decade. They have already crossed 15%.
Analysts have offered various explanations for their success. Let me suggest one more. Without consultation or planning, the BRICs have stumbled into a four-way division of labour yielding huge gains in productivity and synergy.
China has specialised in manufacturing. India has specialised in service exports. Russia has specialised in energy. And Brazil has specialised in other commodities (iron ore, sugar, ethanol, soyabeans, beef, orange juice). All four have become world-beaters in their respective specialisations.
China has specialised in manufacturing. India has specialised in service exports. Russia has specialised in energy. And Brazil has specialised in other commodities (iron ore, sugar, ethanol, soyabeans, beef, orange juice). All four have become world-beaters in their respective specialisations.
(...) [artículo aquí]
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