Jim O'Neill, the chairman of Goldman Sachs Asset Management and creator of the ‘BRIC' acronym, discusses why the leaders of Brazil, Russia, India, and China are welcoming South Africa into their political club.
According to Bloomberg late last week, South Africa may be formally invited to join the annual meeting of the BRIC leaders in 2011. Many people are asking me about my views on this development. Here they are, briefly. Congratulations to South Africa if it is true, a nice seasonal present. This news follows from a few weeks ago when Russian sources suggested a South African application would be looked on favourably. President Zuma had been lobbying to be included for some time. While this is clearly good news for South Africa, it is not entirely obvious to me why the BRIC countries ...
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