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The Financial Crisis in Perspective (Collection) by Mark Zandi, Satyajit Das, John Authers

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Chapter 14. BRICs

“Recession-Plagued Nation Demands New Bubble to Invest In”

Headline in www.theonion.com satirical newspaper, July 14, 2008

By rebranding the emerging markets the BRICs (for Brazil, Russia, India, and China), Goldman Sachs ignited a fresh boom. The money pouring into the emerging markets tied them more closely to other stock markets and to commodity markets, as the BRIC stock markets were driven by commodity prices.

“The world needs better economic BRICs,” proclaimed Jim O’Neill in November, 20011. Goldman Sachs’s chief international economist was making an argument about economic summitry and global politics. He thought the four biggest emerging nations—Brazil, Russia, India, and China—should join major economic decision-making ...

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