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Digital Subscriptions > Prospect Magazine > July 2016 > How poor nations become rich

How poor nations become rich

A successful neighbour helps but not as much as a growing population, finds

The Rise and Fall of Nations: Ten Rules of Change in the Post-Crisis World

by Ruchir Sharma (Allen Lane, £25)

Fifteen years ago, Jim O’Neill, then at Gold man Sachs and now a Treasury Minister, coined the term “BRIC” in a paper outlining how economic power was shifting from the G7 group of advanced economies towards the rising nations of Brazil, Russia, India and China. Those four countries never had much in common but the term caught on. It even prompted those states (later joined by South Africa to make BRICS) to hold summits and to launch a multilateral bank—possibly the world’s first case of an international organisation being born from an investment bank research note. But just as with the example of Japan—which in the 1980s was praised as the economic model of the future, before it experienced a profound financial crisis and instead became a cautionary tale—the original BRIC thesis is looking rather worn. Russia and Brazil are mired in recession, China’s growth has slowed sharply and only India’s prospects still look as rosy.

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About Prospect Magazine

In Prospect’s July issue: In her final issue as Editor Bronwen Maddox explores the legacy of former Prime Minister Tony Blair having spoken with him at a Prospect event on 24th May. She examines his domestic policy, the lessons from Iraq and Afghanistan and what the future holds for the Labour Party. The Chancellor George Osborne lays down his view on why the public should to “Remain” in the EU, and Ian Hargreaves takes a close look at what is happening at the BBC. Also in this issue: Former Conservative leader David Davis suggests he can see a very narrow set of circumstances that might push him towards running for the party leadership again, William Skidelsky writes about why tennis is the best sport and Vanora Bennett looks at Svetlana Alexievich’s extraordinary work recording Russia’s lost voices.
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