(CNN) – With the eurozone debt crisis in full swing and a Super Committee on Capitol Hill that admitted at least temporary defeat, one could be caught flat-footed and miss a milestone anniversary.
A decade ago, November 30 to be precise, the long serving international economist Jim O’Neill in a paper outlined his research on the power of the “Big Four” of the emerging world, Brazil, Russia, India and China. In his piece, “Building Better Global Economic BRICs,” O’Neill marked a turning point in economic thinking that future growth will be driven by these large emerging markets.
O’Neill boldly stated back then that the BRIC economies will surpass the G7 economies of the industrialized world by 2027 and most of his peers have lined up behind that strategy in agreement. In 2008, most strategists believe the western led financial crisis marked the quick transformation from the G7 to the G20 context, no less than an official recognition of O’Neill’s work.
The BRIC countries sit on $4.5 trillion of foreign reserves; add in the Middle East sovereign funds and their reserves and those tally up to nearly $6 trillion. That could explain the quick embrace by leaders during the heat of the crisis.
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