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Emerging markets: Twilight of the BRICS

Economically and politically the five economies could not be more different when it comes to size, structure, values and national interests

By George Magnus  

Emerging economies: is the party over? © Sergio Luiz

Once upon a time, not long ago, the acronym “BRICS” suggested the biggest transformation in the way the world works and its governance structure since the Industrial Revolution. The term stands for “Brazil, Russia, India, China and South Africa,” and it captured the inevitability of economic dominance by large, rapidly growing emerging countries, and the decline of a mature and, more recently, beleaguered Western world.

But this view was always tainted by…

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