Brazil, Russia, India and China, also known by the group name BRIC, have been in the news quite frequently as of late. But, why not? The four countries have just had their first-ever heads of state summit meeting and seem like they may be the first economies to crawl out of the current economic mess. The United States and the rest of the world must be watching to see if they can hold together their loose interests long enough to rearrange the current order of the world's financial hierarchy. The following is an examination of the brief history of BRIC and where it may or may not be headed and which country will be the world economic leader when all is said and done.
The acronym "BRIC" was first allegedly coined in a thesis by Goldman Sachs investment bank to lump together the rapidly growing economies of Brazil, Russia, India and China. The crux of the paper, which was published in 2003, dropped the bombshell of a statement that by their estimates, the rapidly developing BRIC nations' economies would surpass those of the current world's richest by 2050. Reason being, it was viewed that the BRIC nations had such large economic potential that they would be able to become the world's largest economies within five decades. The paper also predicted that the nations would also make-up around 40 percent of the world's entire population by that time.
