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The Rest Are Not Rising After All

BRICs map

Brazil, Russia, India, China. The so-called BRICs.

“Over 50 percent of them(Americans), according to a Gallup poll conducted this year, said they think that China is already the world’s “leading” economy, even though the U.S. economy is still more than twice as large…

The notion of wide-ranging convergence between the developing and the developed worlds is a myth…

Of the roughly 180 countries in the world tracked by the International Monetary Fund, only 35 are developed.  The markets of the rest are emerging – and most of them have been emerging for many decades and will continue to do so for many more…

There were a few pockets of countries that did catch up with the West, but they were limited to oil states in the Gulf, the nations of southern Europe after World War II, and the economic “tigers” of East Asia…

It was only after 2000 that the emerging markets as a whole started to catch up; nevertheless as of 2011, the difference in per capita incomes between the rich and developing nations was back to where it was in the 1950s…

Other than being the largest economies in their respective regions, the big four emerging markets never had much in common.  They generate growth in different and often competing ways – Brazil and Russia for example are major energy producers that benefit from high energy prices , whereas India, as a major energy consumer, suffers from them.  Except in highly unusual circumstances…they are unlikely to grow in unison…

Russia’s economy and stock market have been…dominated by an oil-rich class of billionaires whose assets equal 20 percent of GDP, by far the largest share held by the super-rich in any major economy…

…looks back to say the seventeenth century, when China and India accounted for perhaps half of global GDP…

China’s population is simply too big and aging too quickly for its economy to continue growing as rapidly as it has.  With over 50 percent of its people now living in cities, China is nearing what economists call “‘the Lewis turning point'” the point at which a country’s surplus labor from rural areas has been largely exhausted…

One casualty will be the notion that China’s success demonstrates the superiority of authoritarian, state-run capitalism…

Although the world can expect more breakout nations to emerge from the bottom income tier, at the top and the middle, the new global economic order will probably look more like the old one than most observers predict.  The rest may continue to rise ,but they will rise more slowly and unevenly than many experts are anticipating.  And precious few will ever reach the income levels of the developed world.”

Foreign Affairs, November/December 2012 Broken BRICs: Why the Rest Stopped Rising, Ruchir Sharma

Democracy In The Americas – Beyond Elections

From Venezuela’s Communal Councils, to Brazil’s Participatory Budgeting; from Constitutional Assemblies to grassroots movements, recuperated factories to cooperatives across the hemisphere- This documentary is a journey, which takes us across the Americas, to attempt to answer one of the most important questions of our time: What is Democracy? (Click through to link for full list)

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