(L-R) India's Prime Minister Manmohan Singh, Russia's President Dmitry Medvedev, China's President Hu Jintao, Brazil's President Dilma Rousseff and South African President Jacob Zuma attend a joint news conference at the BRICS Leaders Meeting in Sanya, Hainan province April 14, 2011 (How Hwee Young/Courtesy Reuters).
In the midst of the Eurozone crisis and the G20 summit, many commentators are hailing this moment as a key sign of America’s decline and the rise of emerging powers – principally China but also India, Brazil and others. In the new issue of Bloomberg Businessweek I argue that this optimism over the BRICS’ ability to aid the world economy is, for now, wildly overrated.
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