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An Acronym No More
Brazil, Russia, India, and China—otherwise known as the BRIC nations—are enjoying a new and, in ways, unprecedented role on the international stage. The four emerging markets maintained an average growth rate of 10.7 percent from 2006 to 2008, according to the International Monetary Fund. With this outstanding performance, they are creating a new economic miracle.
In an article recently published in the Beijing-based newspaper Guangming Daily, experts in a research team of the Hunan Provincial Planning Office of Philosophy and Social Science pointed to a trend known as the "big country effect" as a determining factor in their rapid, sustainable growth.
Excerpts from this article follow:
Some scholars say the rapid economic growth of the BRIC countries stemmed from their wise choices in comparative advantage strategies—which have allowed them considerable room to maneuver with regards to their resources.
Others say their brilliant performance emanated from their advantages in terms of being latecomers. In other words, having been so economically dormant for so long, the BRIC countries have enjoyed advances in development via technological improvements, human resource development, as well as economic restructuring.
None of these arguments are fully convincing. Read more.