As the Brics conclude their fifth summit, Jim O’Neill must be wondering whether it has all got a bit out of hand. Back in 2001, O’Neill – a Goldman Sachs strategist – coined the catchy acronym Bric to cover the four largest emerging markets: Brazil, Russia, India and China. Now O’Neill has lived to see his clever idea become a geopolitical fact. The question – does the Bric concept make sense? – no longer really matters. It makes enough sense for them to meet on a regular basis. Read more
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