The Brics, the G-7 and Deploying New Global Economic Power

Abstract

The economies of the so-called BRICS countries (Brazil, Russia, India, China and South Africa) are exceeding all expectations. Their current and future influence on the global economy is beyond doubt. However, it is still unclear which specific role these countries will play in relation to more industrialised countries (the G-7) and how they will cooperate among themselves. Can they help to solve the European mess? We argue that investment in emerging economies, such as the BRICS, is the main chance the EU and the US have to create growth. It is time for G-20 leaders to grab this opportunity as a powerful driver for global growth. Show more