Monday, April 28, 2014

No longer emerging, BRICS have arrived

The BRICS economies are collectively worth around $12 trillion, and will surpass the size of the US economy which is approximately $15 trillion, by 2015. Source: Eduard Pesov / RIA Novosti
The five-nation group is no longer an emerging group but a powerful agglomeration that is setting down the rules of global economic engagement for the coming decades.
In 1983 Belgian economist Paul Bairoch presented a detailed study of the world economy that caused a furore in Western academic and political circles. In ‘Economics and World History: Myths and Paradoxes’ he said that in 1750 India’s share of global GDP was 24.5 percent, China’s 33 percent, and the combined share of Britain and the US was 2 percent.
Shaken by these facts, the Organisation for Economic Cooperation and Development, a largely Western club, constituted a Development Institute Studies under professor Angus Maddisson of the University of Groningen to investigate Bairoch’s claims.
The data Maddison compiled affirmed – what nearly all Indian school children knew but was mysteriously unknown to the West – that India and China were the biggest economies in the world for almost all of the past 2000 years. His figures showed India was the leading economic power of the world from the first year of the millennium till 1700 – that’s 18 of the last 20 centuries. India had 32 percent share of world’s GDP in the first 1000 years and 28-24 percent in the second millennium till 1700.

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