One of the acronyms which has gained common currency over the past few years is BRIC : meaning Brazil, Russia, India and China. But have you ever wondered who coined the acronym in the first place?
Step forward Jim O’Neill, Chairman of Goldman Sachs Asset Management, who invented the term some nine years ago when trying to predict what the world would look like in 2050.
With China now the second largest economy in the world, Brazil and Russia in the top ten and India knocking on the door at 11, his prediction that they would dominate the traditional G7 by 2050 seems to be coming true faster than he imagined.
This is why, writing in Project Syndicate, he has revised the original prediction and now believes that by 2020 the BRIC countries’ economies will outweigh the US with up to two thirds of that block coming from China.
Aside from the simple financial influence this will have upon markets and commodities, what will it mean for the way business is done and, in particular, the currently growing CSR movement?
To try and get to the bottom of this I asked Richard Brubaker, Founder and Managing Director, Collective Responsibility and Adjunct Professor of Responsible Leadership, China Europe International Business School, about his experiences of CSR in China.