“Bric” was coined in 2001 by economist Jim O’Neill, then at Goldman Sachs Group, to draw attention to strong growth rates in Brazil, Russia, India and China. It was intended as an optimistic thesis for investors amid market pessimism following the terrorist attacks in the US on Sept 11 that year.
The Brics group of emerging markets — Brazil, Russia, India and China, with South Africa added later — has gone from a slogan dreamed up at an investment bank to a real-world club that also controls a major development bank. It once might have seemed ironic to see Communist Party-ruled China embrace the Wall Street conceit. But now countries of all political stripes, including Iran and Saudi Arabia, are clamouring to join, setting up potential friction at the club’s Aug 22–24 summit in Johannesburg.
1. How did Bric(s) get started?
