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BRIC Economies Foreign Policy Weblogs at (金砖四国经济外交政策博客)
BRIC Economies & Foreign Policy
An Analytical Study
Karthik Narayanaswami
GOVT E 1897: American Foreign Policy
Harvard University
knarayanaswami@fas.harvard.edu
I. Introduction
In 2003, Goldman Sachs issued an investment report that coined the now-famous acronym, BRICs to jointly
refer to the economies and states of Brazil, Russia, India, and China [1].
While these economies only reflected a small portion of the global GNP at that time, economists have
projected that in 40-50 years, these nations may very well catch up to the OECD countries in their economic
prowess. At the outset, these four BRIC nations are seemingly disparate; however, they have a common
thread in that they are all developing nations with a significant growth potential.
In this paper, we will evaluate the BRIC economies for their impact on American Foreign Policy, and how this
policy has both affected those nations and their attitudes towards the US. In particular, we will be focusing on
the following areas of interest to understand and identify the emergence of these developing countries as
international blocs, and their impact on the US foreign policy:
• Origin of BRIC
• Economic Comparison & US Trade Relations
• Political Comparison & US Relations
• Institutional Standing
• Conclusion
II. Origin of BRIC
At the outset, the choice for four seemingly unrelated nations into an economic category seems disingenuous.
However, as we examine the historic economic data, a more detailed picture starts to emerge. For instance,
in 2001 and 2002, the combined nominal GDP growth of emerging economies exceeded that of the G7
nations [1][2]. This is in line with a 201
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