the bric


As countless books have put it, China’s growth is doing what Napoleon forecast two centuries ago and is “shaking the world”.

Goldman Sachs, the investment bank that coined the acronym BRICs to connote the future impact of four big emerging economies — Brazil, Russia, India and China — believes China is on track to overtake the US as the world’s biggest economy as soon as the late 2020s, while India could pass the US by 2050.

The direction is clear: Asia will get richer and stronger, probably for a long time to come. Asian companies will become more prominent in international business, as competitors for Western ones, as purchasers of Western assets and as sources of new technology.

That will be painted as a threat to Western livelihoods by many politicians, but in truth the effect will be positive: the trade and innovation generated will make the West richer and stronger too, just as the rapid post-war growth of western Europe and Japan helped enrich the US during the half-century that followed.

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