It is 20 years since Goldman Sachs chief economist Jim O’Neill invented the BRIC economic grouping – Brazil, Russia, India and China – with South Africa added later to make up the BRICS. He celebrated this anniversary with a self-congratulatory article in the Financial Times, expressing his disappointment that his big ideas for reorganising global economic governance have not come to pass, and regret (surprise?) that only one of the BRICS – China – had achieved the stellar future he foresaw.
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