São Paolo
It was back in 2001 that my good friend Jim O’Neill of Goldman Sachs coined the acronym ‘Bric’, short for Brazil, Russia, India, China. These were the emerging markets that were going to surpass the developed economies. And so they have. Well, nearly. I, too, am partial to a good acronym and it has always seemed to me very unfortunate that there isn’t a matching one for the four biggest established economies.
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Niall Ferguson is Laurence A. Tisch professor of history at Harvard. His documentary The Pity of War will be on BBC2 on Friday at 9 p.m.
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