I found exactly one phrase in this history of the “BRICS” (Brazil, Russia, India, China, South Africa) by Stephen Grenville at The Interpreter worthwhile: “analysis by acronym”. And that was in the slug. After that I didn’t find it particularly insightful. Consider this concluding passage:
O’Neill’s admonition to all emerging economies to “copy South Korea†is pretty useless as practical advice. More specific advice was readily available (for example from the original version of much-maligned Washington Consensus). Sensible fiscal and monetary settings, a general reliance on markets for allocation and price-setting, and openness to foreign trade and investment: this is enough to sustain rates of growth which, while not matching South Korea, will still ensure an ever-larger share of global trade and GDP, ever-more deserving of a bigger role in global governance.
The problem, of course, is that China didn’t have any of those things. I don’t think that either Mr. O’Neill or Mr. Grenville really appreciates China’s enormous size and the potential of an authoritarian government in a country of that size. China presently has enough excess productive capacity in steel, automobiles, solar cells, and dozens, maybe hundreds, of other products not merely to satisfy its own needs for the foreseeable future but to satisfy the entire world’s needs. No market economy would tolerate that sort of malinvestment.
And how is any country to “copy South Korea” when China already has the capacity to produce just about anything at as low a cost as you could possibly meet?






