He stands by that to this day, often finding that he comes up with “the answer” then has to “retro-engineer” the argumentation in order to justify it to others. ‘gut instinct.’” When asked (understandably) what he meant by “gut instinct,” he replied: “Gut instinct is the conscious manifestation of your subconscious grinding through your collected knowledge”. After a few seconds, he came up with “the same as makes a top trader, i.e. Newton was once asked by a top City FX trader what made a good political analyst. The economic rise of BRIC nations has turned into a global forum offering alternatives to the Western created and dominated global order. The group also sought additional legitimacy through enlargement to a leading African nation, South Africa, which was formally included in the BRICS in 2010-even though the size of South Africa’s economy does not match in any way that of other BRIC nations. In order for globalization to advance, it had to be accepted by more people … but not by imposing the dominant American social and philosophical beliefs and structures.” Furthermore, BRIC nations seem to have given their acronym a political existence of its own by creating their own summit in 2009-a summit designed to explore the reform of the global political and financial architecture in the aftermath of the 2008 financial crisis.
As Jim O’Neill argued, “What 9/11 told me was that there was no way that globalization was going to be Americanization in the future-nor should it be. But it is hard to disassociate the group’s economic power with the existence of a changing political reality. Admittedly, the rise of these new economic powers need not necessarily mean increased rivalries-especially considering that with the notable exception of Russia, they are all embracing in one form or another the capitalist system. This is the very idea Goldman Sachs Economist Jim O’Neill sought to capture when he invented the BRIC (Brazil, Russia, India, and China) acronym and when he argued that those four economies would become dominant by 2050 and outweigh the traditional economic powers of the G7. The emergence of new, non-Western economic powers that do not belong to the Organization for Economic Cooperation and Development (OECD) has demonstrated that old industrialized powers have lost influence in the global landscape in relative terms.
Geopolitical rivalries are also about the changing distribution of economic power and influence.
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