As the shock waves of the global recession convulsed Europe and the United States three years ago, the leaders of Brazil, Russia, India and China gathered for a meeting that seemed to signal a new era. They had global buzz as rising economic powers, a catchy acronym, BRIC, and an ambitious agenda to remake an international monetary system long dominated by the West.
The new BRIC era has yet to arrive.
When the group’s leaders meet in New Delhi on Thursday, their biggest achievement will have been adding an S: they took on South Africa last year. The five BRICS nations still rank among the fastest-growing economies in the world, and, even if growth has slowed, individually, their global influence continues to rise. But they have struggled to find the common ground necessary to act as a unified geopolitical alliance.
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