The BRICS of Collapse: Why Emerging Economies Need a Different Development Model

Ever since the investment bank Goldman Sachs launched the acronym BRICS in the global debate in 2001, there has been much talk about the rise of new powers in the global economy. Brazil, Russia, India, China and South Africa have become the symbols of an alleged global shift, from an old economic system led by the so-called ‘West’ (the US and Europe) to a new development trajectory, spearheaded by traditionally ‘under-developed’ countries.