BRICs

BRICS is the acronym for the emergent economies of the world: Brazil, Russia, India, China and, since 2010, South Africa. This term was created by James O’Neill, an economist from The Goldman Sachs Group, Inc in 2001, in a Global Economic Paper titled “Dreaming with BRIC” (referring to these countries). There, O’Neill talked about them as the solution for the 2000s crisis due to all the resources they had. Although we cannot consider it an organization, this acronym had so much acceptation that the forming countries decided to held a brief meeting in 2008 and, the year after, they celebrated their first summit, where they discussed issues including the global financial crisis, the international situation and the future direction of BRIC dialogue and cooperation. According to James O’Neill, most global institutions were designed in the era when the West dominated the world. He believes that the US and Europe are over-represented in the IMF and the World Bank and together with Japa