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Seminar paper from the year 2014 in the subject Politics - International Politics - Topic: Globalization, Political Economics, grade: 2.3, University of Erfurt, course: international relations, language: English, abstract: At the dawn of the 21st century, there were already clear signals of the economic decline the United States and Europe were facing. As opposed to it, countries that, in the course of history, have always been categorized as part of the developing world, have indeed in the last decades experienced a rapid economic development. In 2001 Goldman Sachs' collaborator Jim O'Neill grouped these countries under the Acronym of BRIC, which stands for Brazil, China, India and Russia. Eventually the name became BRICS including South Africa among those countries.
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