Broken BRICS

by Brian

Broken BRICS by Ruchir Sharma at Foreign Affairs

“The West versus the Rest” is a phrase which has become quite popular over the last several years. The global recession hit the US, Japan and Western Europe quite hard. These three economic powerhouses are still reeling to this day, and face new prospects of contraction. While the West limped along, the BRICS–Brazil, Russia, India, China, and South Africa–and many other emerging market economies sprinted ahead. As predictions of American decline gain more and more traction, the battle between the West and the Rest seems more important than ever. Sharma argues, however, “The notion of wide-ranging convergence between the developing and the developed worlds is a myth.” One only need be a cursory student of history to know that the capitals of global dominance endlessly change places.