BRIC or otherwise known as Brazil, Russia, India, and China are countries that are emerging as a economic powerhouse. Yes, these countries are developing economically. The question of BRIC changing the order of the world is yet to be seen. BRIC is still in the early stages of development and will take many years to see if they will change the order of the world. They are members of the G-20 which says a lot about their role in the world. The challenge for them will be to be able to sustain a steady economic growth. Goldman Sachs prediction in 2003 that BRIC will be at the top by 2050 is possible. Economic policy changes by the remaining 16 countries can slow down their growth or possibly stop it. The U.S. is already trying to change its economic policy by creating more goods to increase its exports. Currently the U.S. is importing more than exporting and the U.S. is trying to change it’s ways because it realizes that China is growing at a fast rate partly because they export their goods and services to the rest of the world. The U.S. has the ability to turn the tide to their favor if they can make good economic policy changes. I do believe the U.S. and other G-20 countries will adjust their economic policies to remain competitive. On a good note it is a positive thing to see developing nations grow economically. Would be even better if other underdeveloped countries will follow BRIC’s economic model. I still think other nations will make it very hard for these countries to emerge as a top powerhouse.
In response to Raul’s comments, I do believe the BRIC is already changing the world. It is certainly challenging the US as a superpower and Western influence amongst China and India’s technological advancements and Russia’s military power. There are multiple factors in which the US should fear these nations. Raul states that the policies of the remaining nations in G-20 can prohibit the BRIC from uprising above the rest; I beg to differ. I say this because although each state has right to initiate personal policies effective to their interest, in the end it truly is the most powerful (economically) and influential amongst the other nations, that will rise up. Included in these can be China and India. Without the imports of China, the United States would not be able to function, without the technological advancements and outsourcing to India there would be significant economic damage to the US as well. We have become dependent upon these so-called developed nations, which I personally feel are much more stable than us in certain terms. Raul also brings up the exporting of goods out of China, which I mentioned as well; I strongly agree and also feel that the competitiveness amongst these superpowers will only bring more partnership and forced economic growth amongst the entire developing world. We also cannot forget that without the political and financial support of these nations upon each other, none of them, including the United States would be among the states to reflect the BRIC economic model.
In response to Raul’s comments, I do believe the BRIC is already changing the world.
china, rather than Japan, is now the 2nd largest economy
It is certainly challenging the US as a superpower and Western influence amongst China and India’s technological advancements and Russia’s military power. There are multiple factors in which the US should fear these nations. Raul states that the policies of the remaining nations in G-20 can prohibit the BRIC from uprising above the rest; I beg to differ. I say this because although each state has right to initiate personal policies effective to their interest, in the end it truly is the most powerful (economically) and influential amongst the other nations, that will rise up. Included in these can be China and India. Without the imports of China, the United States would not be able to function, without the technological advancements and outsourcing to India there would be significant economic damage to the US as well. We have become dependent upon these so-called developed nations, which I personally feel are much more stable than us in certain terms. Raul also brings up the exporting of goods out of China, which I mentioned as well; I strongly agree and also feel that the competitiveness amongst these superpowers will only bring more partnership and forced economic growth amongst the entire developing world. We also cannot forget that without the political and financial support of these nations upon each other, none of them, including the United States would be among the states to reflect the BRIC economic model.
I believe that Shabana has hit on a crucial point. The proof that the BRIC nations have global influence can be argued based on global response to their growth. The United States and the European Union (EU) are attempting to drastically alter their economic strategies and one major reason is to respond to the growth of BRIC economies. These major economic powers, especially the U.S., are drastically lopsided because their consumers drastically outnumber their producers. Questions certainly do arise as to whether or not so much investment in the service sector is a smart plan for the future. I believe it behooves the U.S. and the EU to maintain well-rounded economies. While this is of course against the grain of the naturally flowing market, it is important to allow a slow transition for other nations to grow into major economic powers as well. If the major economic powers do not allow countries such as the BRIC nations to transition into their new roles, the United States could be quickly surpassed by a mega-economy such as China. On the same note, China must also be careful not to grow too quickly. Japan is a perfect example of what happens during exponential economic boom. The economy must and will go stagnant for a period of time until the bubble is broken.
I believe that Shabana has hit on a crucial point. The proof that the BRIC nations have global influence can be argued based on global response to their growth. The United States and the European Union (EU) are attempting to drastically alter their economic strategies
the US did the same when Japan experienced rapid growth. One of the advantages of global competition is that internal politics is weakened when other countries make advances.
and one major reason is to respond to the growth of BRIC economies. These major economic powers, especially the U.S., are drastically lopsided because their consumers drastically outnumber their producers. Questions certainly do arise as to whether or not so much investment in the service sector is a smart plan for the future. I believe it behooves the U.S. and the EU to maintain well-rounded economies. While this is of course against the grain of the naturally flowing market, it is important to allow a slow transition for other nations to grow into major economic powers as well. If the major economic powers do not allow countries such as the BRIC nations to transition into their new roles, the United States could be quickly surpassed by a mega-economy such as China. On the same note, China must also be careful not to grow too quickly. Japan is a perfect example of what happens during exponential economic boom. The economy must and will go stagnant for a period of time until the bubble is
BRIC, or Brazil, Russia, India, and China, is the four countries that the world is watching. Economically and developmentally these four states are the up and comers, they are the potential super powers of the future. However, their effect on the order of the world is far from absolute. The potential for these four countries to alter the way our world works is definitely there, but this “change” is not absolute, and as of now, has not happened. Although, all four countries, Brazil and China in particular, are knocking on the world economies door, the country that I will focus on is India.
India in the past several decades has skyrocketed to the top of the tech world. Many countries, the United States among them, outsource many of their technological needs to India. Within these companies that outsource, India has created a market of its own. This market has drawn interest from outside investors. According to some India has the potential to be one of the largest economies in the world by 2035. In his article “Capital Comes Calling on India,” in the World Policy Journal, L. Brooks Entwistle states, “In the Spring of 2005 alone, over 25 new India-focused private equity, venture, capital, or hedge funds were raising new investment capital.” Among these investment interests IT and healthcare were the most prominent.
India, along with the other BRIC countries, has great potential to be a leading world economic nation. They have a strong skilled labor force, the overall economic picture of these countries is extreme growth, they have strong economic sectors (IT in India, Agriculture in Brazil, etc.), and this growth has attracted serious foreign interest in these countries. India alone has experience a growth in foreign investment from $6.7 billion in 2003 to $8.5 billion in 2004. However, as previously mentioned these countries have not taken over the world market, yet. Why is that? In the case of India there are three main factors. Foremost, India has been unsuccessful in improving its roads and rail networks to keep up with the pace of the growing economy. Secondly, even though the country is filled with new businesses they are all focused within a few sectors, specifically IT and healthcare. Although these sectors are key, and important to be influential on the world market, India also needs to focus on other sectors such as the automotive industry, the chemical industry, and the retail market. Finally, the other BRIC countries are vying for the same economic opportunities as India is.
Although, all of the BRIC countries are up and coming and have the possibility of being leading nations they all have their specific issues that are preventing this from happening. For most of them the key issue is that their economy is soaring but society is not. People within all four of these nations are living in extreme poverty, people are facing inequality, and the government seems more focused on making money then improving the infrastructure of the nation. In a sense the BRIC countries are preventing themselves from taking over the international market, and changing the order of the world. The possibility is still there, in 20 years there very well may be a change in the order of the world. However, if the countries of BRIC are going to be the ones to bring that change they still have some serious change to do within their own nations first.
BRIC, or Brazil, Russia, India, and China, is the four countries that the world is watching. Economically and developmentally these four states are the up and comers, they are the potential super powers of the future. However, their effect on the order of the world is far from absolute. The potential for these four countries to alter the way our world works is definitely there, but this “change” is not absolute, and as of now, has not happened. Although, all four countries, Brazil and China in particular, are knocking on the world economies door, the country that I will focus on is India. India in the past several decades has skyrocketed to the top of the tech world. Many countries, the United States among them, outsource many of their technological needs to India. Within these companies that outsource, India has created a market of its own. This market has drawn interest from outside investors. According to some India has the potential to be one of the largest economies in the world by 2035. In his article “Capital Comes Calling on India,” in the World Policy Journal, L. Brooks Entwistle states, “In the Spring of 2005 alone, over 25 new India-focused private equity, venture, capital, or hedge funds were raising new investment capital.” Among these investment interests IT and healthcare were the most prominent. India, along with the other BRIC countries, has great potential to be a leading world economic nation. They have a strong skilled labor force, the overall economic picture of these countries is extreme growth, they have strong economic sectors (IT in India, Agriculture in Brazil, etc.), and this growth has attracted serious foreign interest in these countries. India alone has experience a growth in foreign investment from $6.7 billion in 2003 to $8.5 billion in 2004. However, as previously mentioned these countries have not taken over the world market, yet. Why is that? In the case of India there are three main factors. Foremost, India has been unsuccessful in improving its roads and rail networks to keep up with the pace of the growing economy. Secondly, even though the country is filled with new businesses they are all focused within a few sectors, specifically IT and healthcare. Although these sectors are key, and important to be influential on the world market, India also needs to focus on other sectors such as the automotive industry, the chemical industry, and the retail market. Finally, the other BRIC countries are vying for the same economic opportunities as India is. Although, all of the BRIC countries are up and coming and have the possibility of being leading nations they all have their specific issues that are preventing this from happening. For most of them the key issue is that their economy is soaring but society is not. People within all four of these nations are living in extreme poverty, people are facing inequality, and the government seems more focused on making money then improving the infrastructure of the nation. In a sense the BRIC countries are preventing themselves from taking over the international market, and changing the order of the world. The possibility is still there, in 20 years there very well may be a change in the order of the world. However, if the countries of BRIC are going to be the ones to bring that change they still have some serious change to do within their own nations first.
I think that the emergence of BRIC (Brazil, Russia, India, China) in world politics and global economics is a force that is clearly changing the order of the world as we know it. We are just witnessing the beginning of the transformation, especially as the developing world distances itself from the negative vestiges of it’s colonial legacy and euro-centrism. India is probably the clearest example in this regard, not too many years ago India was an English colony, but they recently have learned to build their country from inside out, today India is a global technological center. Brazil is another example of a former European colony that is taking it’s own stance in the international community of nations, I think it’s important to point out recent efforts to form closer ties among South American countries, Brazil being a very important regional player. Regional alliances will surely cause greater social and economic development in this part of the global south. China and Russia are permanent members of the UN security council, which is no small feat. China is specially a remarkable example of economic development in these past 50 years, no nation in the world lifted out of poverty so many people ever before. It’s impressing how fast China it’s becoming an international powerhouse but I think the US should not be afraid, instead there should be more cooperation between these two countries especially in regards to environmental issues because both countries are the main polluters in the world.
I think that the emergence of BRIC (Brazil, Russia, India, China) in world politics and global economics is a force that is clearly changing the order of the world as we know it. We are just witnessing the beginning of the transformation, especially as the developing world distances itself from the negative vestiges of it’s colonial legacy and euro-centrism. India is probably the clearest example in this regard, not too many years ago India was an English colony, but they recently have learned to build their country from inside out, today India is a global technological center. Brazil is another example of a former European colony that is taking it’s own stance in the international community of nations, I think it’s important to point out recent efforts to form closer ties among South American countries, Brazil being a very important regional player. Regional alliances will surely cause greater social and economic development in this part of the global south. China and Russia are permanent members of the UN security council, which is no small feat. China is specially a remarkable example of economic development in these past 50 years, no nation in the world lifted out of poverty so many people ever before. It’s impressing how fast China it’s becoming an international powerhouse but I think the US should not be afraid, instead there should be more cooperation between these two countries especially in regards to environmental issues because both countries are the main polluters in the world.
BRIC (for now) is simply an acronym to list the world’s up and coming economies. While the “Big Four” have met in recent years to discuss an equitable global economy, they have not aligned themselves economically as some scholars had thought. I think the BRIC nations are just a label for expanding economies. To answer the question directly, I believe that Brazil, Russia, India, and China would be expanding at exponential rates compared to the rest of the world no matter how we align them. I think that growth is relative. From an economist point of view we like to place figures and tangible statistics to portray information in graphs and tables to make it easier for others to understand. The BRIC acronym simply stems from that mathematical need of global social scientists. What about the N-11 (next-eleven)? Are these countries not also experiencing relative growth at high rates? Back to the main point, there are many ways to answer the question. Is BRIC as a loose organization changing the world? I would venture a guess to say not nearly as much as people give it credit. I would however say that the individual nations the acronym represents are rapidly changing world politics and economic practices. Of course, China leads the pack in economic reform, growth, and about every other category one can dream up. However, the other nations have been able to apply serious political pressure based on their expanding economies in recent years. Russia is one of the world’s largest crude oil producers and is sitting on massive supplies. This brings great potential wealth to a nation with a rapidly growing infrastructure. The ongoing incident in Georgia (Abkhazia and South Ossetia) is a perfect example of a Russia flexing their muscles with minimal attention from the West. In the mean time, Brazil has always deemed American cotton subsidies unfair to global trade and recently threatened a full embargo of American goods if drastic measures weren’t taken. The United States government has since been in heated debates with many countries, along with the WTO (World Trade Organization) over the issue. I think the correct way to formidably answer the presented question is to say that rapidly growing economies are certainly changing the world as we speak. BRIC nations are major contributors, but they are by no means the only ones.
BRIC (for now) is simply an acronym to list the world’s up and coming economies. While the “Big Four” have met in recent years to discuss an equitable global economy, they have not aligned themselves economically as some scholars had thought.
they don’t need to align themselves to be economic leaders.
I think the BRIC nations are just a label for expanding economies. To answer the question directly, I believe that Brazil, Russia, India, and China would be expanding at exponential rates compared to the rest of the world no matter how we align them. I think that growth is relative. From an economist point of view we like to place figures and tangible statistics to portray information in graphs and tables to make it easier for others to understand. The BRIC acronym simply stems from that mathematical need of global social scientists. What about the N-11 (next-eleven)? Are these countries not also experiencing relative growth at high rates? Back to the main point, there are many ways to answer the question. Is BRIC as a loose organization changing the world? I would venture a guess to say not nearly as much as people give it credit. I would however say that the individual nations the acronym represents are rapidly changing world politics and economic practices. Of course, China leads the pack in economic reform, growth, and about every other category one can dream up. However, the other nations have been able to apply serious political pressure based on their expanding economies in recent years. Russia is one of the world’s largest crude oil producers and is sitting on massive supplies. This brings great potential wealth to a nation with a rapidly growing infrastructure. The ongoing incident in Georgia (Abkhazia and South Ossetia) is a perfect example of a Russia flexing their muscles with minimal attention from the West. In the mean time, Brazil has always deemed American cotton subsidies unfair to global trade and recently threatened a full embargo of American goods if drastic measures weren’t taken. The United States government has since been in heated debates with many countries, along with the WTO (World Trade Organization) over the issue. I think the correct way to formidably answer the presented question is to say that rapidly growing economies are certainly changing the world as we speak. BRIC nations are major contributors, but they are by no means the only ones.
BRIC consists of Brazil, Russia, India, and China. These emerging powers have gained power and influence over the past 10 years or so as their economies grew faster than those of developed countries. The credit crisis coupled with these nations economic growth in the past decade has put the BRIC and especially China in a new position. Unlike the US, China has a huge amount of global currency reserves. As a result, we are seeing the BRIC trying to use this upper hand in forums like G8 and G20 meetings and making demands on the overall status of the US Dollar as the main global reserve currency.
In today’s changing world, Brazil is already an agricultural and mining powerhouse, and could become a major player in the world energy market. Russia is the world’s second-largest oil exporter. India is the only other large economy besides China that is on track to post big growth this year. China has surpassed Japan to become the No.2 economy in the world. Unlike the economies of the US and European nations who are still trying to recover from the economic crisis, and dealing with debt, nations like China is expected to grow by 9.5% a year for the next five years and India is expected to grow at more than 8% a year. Russia and Brazil each are expected to see growth of more than 4%.
The main institutions of global governance like the World Bank, the International Monetary Fund, and the World Trade Organization were formed in a different era when the BRIC nations were economically weak and the United States was the world’s dominant superpower. The world clearly is at a defining moment in its history. In that light, new players in the global economic game like BRIC could evolve as important instruments to bring about change in the global structure.
look into it; in future classes I’ll add South Africa
These emerging powers have gained power and influence over the past 10 years or so as their economies grew faster than those of developed countries. The credit crisis coupled with these nations economic growth in the past decade has put the BRIC and especially China in a new position. Unlike the US, China has a huge amount of global currency reserves. As a result, we are seeing the BRIC trying to use this upper hand in forums like G8 and G20 meetings and making demands on the overall status of the US Dollar as the main global reserve currency. In today’s changing world, Brazil is already an agricultural and mining powerhouse, and could become a major player in the world energy market. Russia is the world’s second-largest oil exporter. India is the only other large economy besides China that is on track to post big growth this year. China has surpassed Japan to become the No.2 economy in the world. Unlike the economies of the US and European nations who are still trying to recover from the economic crisis, and dealing with debt, nations like China is expected to grow by 9.5% a year for the next five years and India is expected to grow at more than 8% a year. Russia and Brazil each are expected to see growth of more than 4%. The main institutions of global governance like the World Bank, the International Monetary Fund, and the World Trade Organization were formed in a different era when the BRIC nations were economically weak and the United States was the world’s dominant superpower. The world clearly is at a defining moment in its history. In that light, new players in the global economic game like BRIC could evolve as important instruments to bring about change in the global structure.
BRIC represents the current proof that our world is increasingly losing the hegemonic characterization that was so prevalent in the past century. Brazil, Russia, India and China are all emerging developed nations that stake a claim for regional hegemony, with rapid increases in infrastructure and economic expansion as main characteristics. These countries have taken massive strides in economic growth that many predict they will match and even surpass the economies of the current superpowers in less than 40 years. In large part, these countries have had to address the growing demand for infrastructure from its population, which explains to some extent why these countries, and not other up and coming nations with smaller populations.
These four countries have prospered economically because they have adopted capitalist actions, such as large-scale production and manufacturing. Using its growing population, both India and China have undergone massive strides in manufacturing, whereas Russia and Brazil have become major exporters of vital resources, such as oil, natural gas, and other raw materials. These combinations have already led many to believe that a strong partnership between these nations could potentially alter the current world order of economic powers, but this is yet to be seen.
Although many people speak of the economic and credit crisis as a segway for these nations to grow, the growing trend of free-market strategies and capitalist methods have made the global economy less segmented, allowing for other nations to kick-start their growth. This is evident in the BRIC countries, and other nations that begin to embrace free market policies and assimilate themselves into the global economy.
jsacco
Whose Lost Decade-2000-2009? 
Raul Perez Jr. said
BRIC or otherwise known as Brazil, Russia, India, and China are countries that are emerging as a economic powerhouse. Yes, these countries are developing economically. The question of BRIC changing the order of the world is yet to be seen. BRIC is still in the early stages of development and will take many years to see if they will change the order of the world. They are members of the G-20 which says a lot about their role in the world. The challenge for them will be to be able to sustain a steady economic growth. Goldman Sachs prediction in 2003 that BRIC will be at the top by 2050 is possible. Economic policy changes by the remaining 16 countries can slow down their growth or possibly stop it. The U.S. is already trying to change its economic policy by creating more goods to increase its exports. Currently the U.S. is importing more than exporting and the U.S. is trying to change it’s ways because it realizes that China is growing at a fast rate partly because they export their goods and services to the rest of the world. The U.S. has the ability to turn the tide to their favor if they can make good economic policy changes. I do believe the U.S. and other G-20 countries will adjust their economic policies to remain competitive. On a good note it is a positive thing to see developing nations grow economically. Would be even better if other underdeveloped countries will follow BRIC’s economic model. I still think other nations will make it very hard for these countries to emerge as a top powerhouse.
Shabana Singh said
In response to Raul’s comments, I do believe the BRIC is already changing the world. It is certainly challenging the US as a superpower and Western influence amongst China and India’s technological advancements and Russia’s military power. There are multiple factors in which the US should fear these nations. Raul states that the policies of the remaining nations in G-20 can prohibit the BRIC from uprising above the rest; I beg to differ. I say this because although each state has right to initiate personal policies effective to their interest, in the end it truly is the most powerful (economically) and influential amongst the other nations, that will rise up. Included in these can be China and India. Without the imports of China, the United States would not be able to function, without the technological advancements and outsourcing to India there would be significant economic damage to the US as well. We have become dependent upon these so-called developed nations, which I personally feel are much more stable than us in certain terms. Raul also brings up the exporting of goods out of China, which I mentioned as well; I strongly agree and also feel that the competitiveness amongst these superpowers will only bring more partnership and forced economic growth amongst the entire developing world. We also cannot forget that without the political and financial support of these nations upon each other, none of them, including the United States would be among the states to reflect the BRIC economic model.
jsacco said
In response to Raul’s comments, I do believe the BRIC is already changing the world.
china, rather than Japan, is now the 2nd largest economy
It is certainly challenging the US as a superpower and Western influence amongst China and India’s technological advancements and Russia’s military power. There are multiple factors in which the US should fear these nations. Raul states that the policies of the remaining nations in G-20 can prohibit the BRIC from uprising above the rest; I beg to differ. I say this because although each state has right to initiate personal policies effective to their interest, in the end it truly is the most powerful (economically) and influential amongst the other nations, that will rise up. Included in these can be China and India. Without the imports of China, the United States would not be able to function, without the technological advancements and outsourcing to India there would be significant economic damage to the US as well. We have become dependent upon these so-called developed nations, which I personally feel are much more stable than us in certain terms. Raul also brings up the exporting of goods out of China, which I mentioned as well; I strongly agree and also feel that the competitiveness amongst these superpowers will only bring more partnership and forced economic growth amongst the entire developing world. We also cannot forget that without the political and financial support of these nations upon each other, none of them, including the United States would be among the states to reflect the BRIC economic model.
good exchange
Jon Mitchell said
I believe that Shabana has hit on a crucial point. The proof that the BRIC nations have global influence can be argued based on global response to their growth. The United States and the European Union (EU) are attempting to drastically alter their economic strategies and one major reason is to respond to the growth of BRIC economies. These major economic powers, especially the U.S., are drastically lopsided because their consumers drastically outnumber their producers. Questions certainly do arise as to whether or not so much investment in the service sector is a smart plan for the future. I believe it behooves the U.S. and the EU to maintain well-rounded economies. While this is of course against the grain of the naturally flowing market, it is important to allow a slow transition for other nations to grow into major economic powers as well. If the major economic powers do not allow countries such as the BRIC nations to transition into their new roles, the United States could be quickly surpassed by a mega-economy such as China. On the same note, China must also be careful not to grow too quickly. Japan is a perfect example of what happens during exponential economic boom. The economy must and will go stagnant for a period of time until the bubble is broken.
jsacco said
I believe that Shabana has hit on a crucial point. The proof that the BRIC nations have global influence can be argued based on global response to their growth. The United States and the European Union (EU) are attempting to drastically alter their economic strategies
the US did the same when Japan experienced rapid growth. One of the advantages of global competition is that internal politics is weakened when other countries make advances.
and one major reason is to respond to the growth of BRIC economies. These major economic powers, especially the U.S., are drastically lopsided because their consumers drastically outnumber their producers. Questions certainly do arise as to whether or not so much investment in the service sector is a smart plan for the future. I believe it behooves the U.S. and the EU to maintain well-rounded economies. While this is of course against the grain of the naturally flowing market, it is important to allow a slow transition for other nations to grow into major economic powers as well. If the major economic powers do not allow countries such as the BRIC nations to transition into their new roles, the United States could be quickly surpassed by a mega-economy such as China. On the same note, China must also be careful not to grow too quickly. Japan is a perfect example of what happens during exponential economic boom. The economy must and will go stagnant for a period of time until the bubble is
kallen11 said
BRIC, or Brazil, Russia, India, and China, is the four countries that the world is watching. Economically and developmentally these four states are the up and comers, they are the potential super powers of the future. However, their effect on the order of the world is far from absolute. The potential for these four countries to alter the way our world works is definitely there, but this “change” is not absolute, and as of now, has not happened. Although, all four countries, Brazil and China in particular, are knocking on the world economies door, the country that I will focus on is India.
India in the past several decades has skyrocketed to the top of the tech world. Many countries, the United States among them, outsource many of their technological needs to India. Within these companies that outsource, India has created a market of its own. This market has drawn interest from outside investors. According to some India has the potential to be one of the largest economies in the world by 2035. In his article “Capital Comes Calling on India,” in the World Policy Journal, L. Brooks Entwistle states, “In the Spring of 2005 alone, over 25 new India-focused private equity, venture, capital, or hedge funds were raising new investment capital.” Among these investment interests IT and healthcare were the most prominent.
India, along with the other BRIC countries, has great potential to be a leading world economic nation. They have a strong skilled labor force, the overall economic picture of these countries is extreme growth, they have strong economic sectors (IT in India, Agriculture in Brazil, etc.), and this growth has attracted serious foreign interest in these countries. India alone has experience a growth in foreign investment from $6.7 billion in 2003 to $8.5 billion in 2004. However, as previously mentioned these countries have not taken over the world market, yet. Why is that? In the case of India there are three main factors. Foremost, India has been unsuccessful in improving its roads and rail networks to keep up with the pace of the growing economy. Secondly, even though the country is filled with new businesses they are all focused within a few sectors, specifically IT and healthcare. Although these sectors are key, and important to be influential on the world market, India also needs to focus on other sectors such as the automotive industry, the chemical industry, and the retail market. Finally, the other BRIC countries are vying for the same economic opportunities as India is.
Although, all of the BRIC countries are up and coming and have the possibility of being leading nations they all have their specific issues that are preventing this from happening. For most of them the key issue is that their economy is soaring but society is not. People within all four of these nations are living in extreme poverty, people are facing inequality, and the government seems more focused on making money then improving the infrastructure of the nation. In a sense the BRIC countries are preventing themselves from taking over the international market, and changing the order of the world. The possibility is still there, in 20 years there very well may be a change in the order of the world. However, if the countries of BRIC are going to be the ones to bring that change they still have some serious change to do within their own nations first.
jsacco said
BRIC, or Brazil, Russia, India, and China, is the four countries that the world is watching. Economically and developmentally these four states are the up and comers, they are the potential super powers of the future. However, their effect on the order of the world is far from absolute. The potential for these four countries to alter the way our world works is definitely there, but this “change” is not absolute, and as of now, has not happened. Although, all four countries, Brazil and China in particular, are knocking on the world economies door, the country that I will focus on is India. India in the past several decades has skyrocketed to the top of the tech world. Many countries, the United States among them, outsource many of their technological needs to India. Within these companies that outsource, India has created a market of its own. This market has drawn interest from outside investors. According to some India has the potential to be one of the largest economies in the world by 2035. In his article “Capital Comes Calling on India,” in the World Policy Journal, L. Brooks Entwistle states, “In the Spring of 2005 alone, over 25 new India-focused private equity, venture, capital, or hedge funds were raising new investment capital.” Among these investment interests IT and healthcare were the most prominent. India, along with the other BRIC countries, has great potential to be a leading world economic nation. They have a strong skilled labor force, the overall economic picture of these countries is extreme growth, they have strong economic sectors (IT in India, Agriculture in Brazil, etc.), and this growth has attracted serious foreign interest in these countries. India alone has experience a growth in foreign investment from $6.7 billion in 2003 to $8.5 billion in 2004. However, as previously mentioned these countries have not taken over the world market, yet. Why is that? In the case of India there are three main factors. Foremost, India has been unsuccessful in improving its roads and rail networks to keep up with the pace of the growing economy. Secondly, even though the country is filled with new businesses they are all focused within a few sectors, specifically IT and healthcare. Although these sectors are key, and important to be influential on the world market, India also needs to focus on other sectors such as the automotive industry, the chemical industry, and the retail market. Finally, the other BRIC countries are vying for the same economic opportunities as India is. Although, all of the BRIC countries are up and coming and have the possibility of being leading nations they all have their specific issues that are preventing this from happening. For most of them the key issue is that their economy is soaring but society is not. People within all four of these nations are living in extreme poverty, people are facing inequality, and the government seems more focused on making money then improving the infrastructure of the nation. In a sense the BRIC countries are preventing themselves from taking over the international market, and changing the order of the world. The possibility is still there, in 20 years there very well may be a change in the order of the world. However, if the countries of BRIC are going to be the ones to bring that change they still have some serious change to do within their own nations first.
nicely done; thanks
christian monje said
I think that the emergence of BRIC (Brazil, Russia, India, China) in world politics and global economics is a force that is clearly changing the order of the world as we know it. We are just witnessing the beginning of the transformation, especially as the developing world distances itself from the negative vestiges of it’s colonial legacy and euro-centrism. India is probably the clearest example in this regard, not too many years ago India was an English colony, but they recently have learned to build their country from inside out, today India is a global technological center. Brazil is another example of a former European colony that is taking it’s own stance in the international community of nations, I think it’s important to point out recent efforts to form closer ties among South American countries, Brazil being a very important regional player. Regional alliances will surely cause greater social and economic development in this part of the global south. China and Russia are permanent members of the UN security council, which is no small feat. China is specially a remarkable example of economic development in these past 50 years, no nation in the world lifted out of poverty so many people ever before. It’s impressing how fast China it’s becoming an international powerhouse but I think the US should not be afraid, instead there should be more cooperation between these two countries especially in regards to environmental issues because both countries are the main polluters in the world.
jsacco said
I think that the emergence of BRIC (Brazil, Russia, India, China) in world politics and global economics is a force that is clearly changing the order of the world as we know it. We are just witnessing the beginning of the transformation, especially as the developing world distances itself from the negative vestiges of it’s colonial legacy and euro-centrism. India is probably the clearest example in this regard, not too many years ago India was an English colony, but they recently have learned to build their country from inside out, today India is a global technological center. Brazil is another example of a former European colony that is taking it’s own stance in the international community of nations, I think it’s important to point out recent efforts to form closer ties among South American countries, Brazil being a very important regional player. Regional alliances will surely cause greater social and economic development in this part of the global south. China and Russia are permanent members of the UN security council, which is no small feat. China is specially a remarkable example of economic development in these past 50 years, no nation in the world lifted out of poverty so many people ever before. It’s impressing how fast China it’s becoming an international powerhouse but I think the US should not be afraid, instead there should be more cooperation between these two countries especially in regards to environmental issues because both countries are the main polluters in the world.
nicely done; good historical perspective
Jon Mitchell said
BRIC (for now) is simply an acronym to list the world’s up and coming economies. While the “Big Four” have met in recent years to discuss an equitable global economy, they have not aligned themselves economically as some scholars had thought. I think the BRIC nations are just a label for expanding economies. To answer the question directly, I believe that Brazil, Russia, India, and China would be expanding at exponential rates compared to the rest of the world no matter how we align them. I think that growth is relative. From an economist point of view we like to place figures and tangible statistics to portray information in graphs and tables to make it easier for others to understand. The BRIC acronym simply stems from that mathematical need of global social scientists. What about the N-11 (next-eleven)? Are these countries not also experiencing relative growth at high rates? Back to the main point, there are many ways to answer the question. Is BRIC as a loose organization changing the world? I would venture a guess to say not nearly as much as people give it credit. I would however say that the individual nations the acronym represents are rapidly changing world politics and economic practices. Of course, China leads the pack in economic reform, growth, and about every other category one can dream up. However, the other nations have been able to apply serious political pressure based on their expanding economies in recent years. Russia is one of the world’s largest crude oil producers and is sitting on massive supplies. This brings great potential wealth to a nation with a rapidly growing infrastructure. The ongoing incident in Georgia (Abkhazia and South Ossetia) is a perfect example of a Russia flexing their muscles with minimal attention from the West. In the mean time, Brazil has always deemed American cotton subsidies unfair to global trade and recently threatened a full embargo of American goods if drastic measures weren’t taken. The United States government has since been in heated debates with many countries, along with the WTO (World Trade Organization) over the issue. I think the correct way to formidably answer the presented question is to say that rapidly growing economies are certainly changing the world as we speak. BRIC nations are major contributors, but they are by no means the only ones.
jsacco said
BRIC (for now) is simply an acronym to list the world’s up and coming economies. While the “Big Four” have met in recent years to discuss an equitable global economy, they have not aligned themselves economically as some scholars had thought.
they don’t need to align themselves to be economic leaders.
I think the BRIC nations are just a label for expanding economies. To answer the question directly, I believe that Brazil, Russia, India, and China would be expanding at exponential rates compared to the rest of the world no matter how we align them. I think that growth is relative. From an economist point of view we like to place figures and tangible statistics to portray information in graphs and tables to make it easier for others to understand. The BRIC acronym simply stems from that mathematical need of global social scientists. What about the N-11 (next-eleven)? Are these countries not also experiencing relative growth at high rates? Back to the main point, there are many ways to answer the question. Is BRIC as a loose organization changing the world? I would venture a guess to say not nearly as much as people give it credit. I would however say that the individual nations the acronym represents are rapidly changing world politics and economic practices. Of course, China leads the pack in economic reform, growth, and about every other category one can dream up. However, the other nations have been able to apply serious political pressure based on their expanding economies in recent years. Russia is one of the world’s largest crude oil producers and is sitting on massive supplies. This brings great potential wealth to a nation with a rapidly growing infrastructure. The ongoing incident in Georgia (Abkhazia and South Ossetia) is a perfect example of a Russia flexing their muscles with minimal attention from the West. In the mean time, Brazil has always deemed American cotton subsidies unfair to global trade and recently threatened a full embargo of American goods if drastic measures weren’t taken. The United States government has since been in heated debates with many countries, along with the WTO (World Trade Organization) over the issue. I think the correct way to formidably answer the presented question is to say that rapidly growing economies are certainly changing the world as we speak. BRIC nations are major contributors, but they are by no means the only ones.
Essete Tadelle said
BRIC consists of Brazil, Russia, India, and China. These emerging powers have gained power and influence over the past 10 years or so as their economies grew faster than those of developed countries. The credit crisis coupled with these nations economic growth in the past decade has put the BRIC and especially China in a new position. Unlike the US, China has a huge amount of global currency reserves. As a result, we are seeing the BRIC trying to use this upper hand in forums like G8 and G20 meetings and making demands on the overall status of the US Dollar as the main global reserve currency.
In today’s changing world, Brazil is already an agricultural and mining powerhouse, and could become a major player in the world energy market. Russia is the world’s second-largest oil exporter. India is the only other large economy besides China that is on track to post big growth this year. China has surpassed Japan to become the No.2 economy in the world. Unlike the economies of the US and European nations who are still trying to recover from the economic crisis, and dealing with debt, nations like China is expected to grow by 9.5% a year for the next five years and India is expected to grow at more than 8% a year. Russia and Brazil each are expected to see growth of more than 4%.
The main institutions of global governance like the World Bank, the International Monetary Fund, and the World Trade Organization were formed in a different era when the BRIC nations were economically weak and the United States was the world’s dominant superpower. The world clearly is at a defining moment in its history. In that light, new players in the global economic game like BRIC could evolve as important instruments to bring about change in the global structure.
jsacco said
BRIC consists of Brazil, Russia, India, and China.
Have you been following BRICS?
http://finance.yahoo.com/news/BRICS-demand-global-monetary-rb-217782600.html?x=0&.v=3
look into it; in future classes I’ll add South Africa
These emerging powers have gained power and influence over the past 10 years or so as their economies grew faster than those of developed countries. The credit crisis coupled with these nations economic growth in the past decade has put the BRIC and especially China in a new position. Unlike the US, China has a huge amount of global currency reserves. As a result, we are seeing the BRIC trying to use this upper hand in forums like G8 and G20 meetings and making demands on the overall status of the US Dollar as the main global reserve currency. In today’s changing world, Brazil is already an agricultural and mining powerhouse, and could become a major player in the world energy market. Russia is the world’s second-largest oil exporter. India is the only other large economy besides China that is on track to post big growth this year. China has surpassed Japan to become the No.2 economy in the world. Unlike the economies of the US and European nations who are still trying to recover from the economic crisis, and dealing with debt, nations like China is expected to grow by 9.5% a year for the next five years and India is expected to grow at more than 8% a year. Russia and Brazil each are expected to see growth of more than 4%. The main institutions of global governance like the World Bank, the International Monetary Fund, and the World Trade Organization were formed in a different era when the BRIC nations were economically weak and the United States was the world’s dominant superpower. The world clearly is at a defining moment in its history. In that light, new players in the global economic game like BRIC could evolve as important instruments to bring about change in the global structure.
well done; have you see Al Jazeera’s piece on the weakening of Great Britain?
http://english.aljazeera.net/programmes/empire/2010/05/201052610045881344.html
thanks
Alejandro Aguayo said
BRIC represents the current proof that our world is increasingly losing the hegemonic characterization that was so prevalent in the past century. Brazil, Russia, India and China are all emerging developed nations that stake a claim for regional hegemony, with rapid increases in infrastructure and economic expansion as main characteristics. These countries have taken massive strides in economic growth that many predict they will match and even surpass the economies of the current superpowers in less than 40 years. In large part, these countries have had to address the growing demand for infrastructure from its population, which explains to some extent why these countries, and not other up and coming nations with smaller populations.
These four countries have prospered economically because they have adopted capitalist actions, such as large-scale production and manufacturing. Using its growing population, both India and China have undergone massive strides in manufacturing, whereas Russia and Brazil have become major exporters of vital resources, such as oil, natural gas, and other raw materials. These combinations have already led many to believe that a strong partnership between these nations could potentially alter the current world order of economic powers, but this is yet to be seen.
Although many people speak of the economic and credit crisis as a segway for these nations to grow, the growing trend of free-market strategies and capitalist methods have made the global economy less segmented, allowing for other nations to kick-start their growth. This is evident in the BRIC countries, and other nations that begin to embrace free market policies and assimilate themselves into the global economy.