Yahoo Finance posted an Associated Press story today about the meeting this week of the world's largest emerging economies in southern China. The nations attending include the expanded five-member bloc known as the BRICS--Brazil, Russia, India, China, and South Africa. This is not a block of countries that is particularly friendly to the United States.
The article points out:
"Though largely an ad-hoc grouping at present, the BRICS have the potential to emerge as a new force in world affairs on the back of their massive share of global population and economic growth. With the inclusion of South Africa, the group accounts for 40 percent of the world's people, 18 percent of global trade and about 45 percent of current growth, giving them formidable heft when dealing with the developed economies."
How are Russia and China emerging economies and the U.S. and European Union not?
The article further states:
""They need to decide whether to focus on boosting coordination among their members or simply representing emerging economies in their dealings with the developed nations," Zhang said.
"Regardless of the outcome of such debates, the growth of the BRICS represents an important attempt to create new centers of influence and prevent domination of the world economic order by one or two major players, said South Africa's ambassador to Beijing, Bheki Langa."
Generally speaking, it has been concluded that the fastest way to create wealth is to allow private property ownership and to take crippling restrictions off businessmen. Freedom tends to grow economies better than dictatorships and tyrants. Unfortunately two of the major players in this group are countries where freedom is only a distant dream--not a way of life.
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