THE BRICS AFTER 10 YEARS

BRICS: LOOKING BACK ON AN ACRONYM'S FIRST DECADE

Sean Daly

Seeking Alpha, September 22, 2011

“What 9/11 told me was that there was no way that globalization was going to be Americanization in the future – nor should it be. . . . In order for globalization to advance, it had to be accepted by more people … but not by imposing the dominant American social and philosophical beliefs and structures.”
--Jim O’Neil, describing his initial inspiration for the “BRICs” concept.

“Had you heeded O’Neill’s work and gotten invested in the stock markets of those four nations [back in 2001], you’d have made more money this past decade than by doing virtually anything else conceivable.”
-- Joshua Brown, Economic Commentator

First published in November 2001 and partly inspired by the World Trade Center attacks, Jim O’Neill’s “Building Better Global Economic BRICs” offered up a new acronym, a few predictions, and a wider discussion of global governance.

With its rather muddled title, the paper gave little indication of just how immensely influential it would become. O'Neill, as a newly appointed Goldman Sachs director, had grouped a set of rather disparate nations together based on population size and a new openness to global marketplace.

He predicted that “over the next 10 years, the weight of the BRICs and especially China in world GDP will grow” – and warned that “in line with these prospects, world policymaking forums should be re-organized” to give more voice and power to this new bloc.

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