Is it all over for the rise of the BRIC grouping (Brazil, Russia, India and China)?
On one level, this seems like a rather odd time to be asking such a question, especially when the political leaders of the BRICS countries (the four named above plus South Africa) have recently agreed to set up a joint development bank to be headquartered in Shanghai. So, the BRICS name is certainly here to stay, and in terms of global governance, their influence is likely to rise as a group because of the bank.
But if the BRICS leaders hadn’t made this breakthrough, I am sure the siren sounds about the end of the BRIC economic phenomenon would be even louder than they are. So let’s think about why the BRIC story might be past its prime.
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