By Liam Halligan
The West’s political and financial elite is still a very long way from grasping the extent to which the global centre of economic gravity is now shifting – and the implications in terms of relative and absolute living standards.
Some say the BRIC group makes no sense. Russia and Brazil are big commodity exporters, for instance, while China and India are major importers of such goods. Yet all four nations share a common cause, being united in their determination to convert their new economic power into international political clout – a determination fuelled by the West’s continued dominance of the IMF, the World Trade Organisation and other global regulatory bodies.
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