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When British economist Jim O’Neill dubbed the fast-growing, large, emerging market economies of Brazil, Russia, India and China as “BRICs” in 2001, few could have imagined that an acronym invented by a Goldman Sachs banker could today become a potent symbol of rising multi-polarity in a world formerly dominated by Western powers. But that is exactly what has happened.

The grouping added South Africa a decade later to become BRICS. These countries account for some 40 percent of the world’s populat...

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© 2015 The Foreign Policy Institute

The Paul H. Nitze School of Advanced International Studies (SAIS)
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