The BRICs can’t save the West

Joshua Kurlantzick

Bloomberg Businessweek

Don’t hold your breath waiting for Brazil, Russia, India, and China to save the global economy, said Joshua Kurlantzick. Many hope these fast-growing emerging powers will “come to the West’s rescue,” but in fact they are “far from prepared to deliver” real economic leadership. For all their talk of solidarity among themselves, the so-called BRIC nations “have about as much unity as the cast of The Bachelor.” Relations between China and India are frosty, and the other BRICs chafe at Beijing’s undervalued yuan.

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Even if they could settle their disagreements, the BRICs “remain ill-suited to seize the global economic lead.” Leaders have to push for common solutions, yet these countries oppose any action that “smacks of meddling in another country’s business.” What’s more, the BRICs are not becoming more open, innovative, or competitive. If their now-booming economies run into trouble, all their energy will go to “righting their own ships, leaving them little capacity to look beyond their borders.”

The BRICs may yet provide some short-term relief to struggling eurozone countries. But if the world looks to them to “provide long-term leadership,” it will be waiting a long time.