Rebutting the Web

Category: Economics

Broken BRICS

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.



Africa Rising

The Hopeful Continent: Africa Rising by The Economist

Despite the many fits and starts, more and more people are now seriously looking at Africa as the final frontier of untapped economic growth. As the Chinese and more adventurous multinational firms move in, it remains to be seen whether Africa can mimic Asia’s growth miracle.