Brazil Is the Odd BRIC Out
Mac Margolis
Newsweek, Saturday, June 13, 2009
Brazil, Russia, India and China have been slow to embrace the BRIC acronym, coined in 2001 to describe the four giant emerging markets. But now they’re trying to convert their collective bulk into clout. This week BRIC leaders will meet in Russia to discuss an ambitious agenda that includes overhauling the international financial system and enlarging the United Nations Security Council. The powwow is being billed as a test of whether the BRICs can shift the global power equation. But perhaps the biggest test will be for Brazil, which has always been the outlier of the four: it’s the slowest-growing, expanding at half the rate that China and India have over the past decade; it alone has no nuclear weapons; it’s more enthusiastic about free trade than Russia and China are; and it sided with the U.S. against India in favor of opening agricultural markets. Even as the BRICs unite, Brazil is touting advantages over its outsize peers, including its strong democracy and peaceful foreign relations. When the four meet, the real issue may not be whether the West will listen, but whether the BRICs can agree on what to say.
That was the note by the reprter. I (PRA) could just add:
Not just something valuable to say, but also, what can they offer to the world in terms of a better economic por political alternatives: market economies, convertible and inflation-free currencies, free capital flows, valuable tchnology and know-how, peace and security, what do they have in their basket?
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