International Higher Education and the BRICS: Is There An Opportunity?
BRICS, the acronym fashioned by Jim O'Neill to signify a special set of 'emerging' economies that would drive global growth, had better days. There was a time, in the immediate aftermath of the Global Credit Crisis, when these economies - Brazil, Russia, India, China and South Africa, for the uninitiated - held strong and showed promise. However, as the commodity prices and global demand slumped, the economies started fluttering; political mismanagement and corruption caught up as well. While the Russian and Brazilian economies went into recession, and South Africa teetered on the brink of Sovereign Debt crisis, China seemed to be heading to a hard landing and Indian government of the time lost the will and initiative. By 2014, people were writing obituary of the BRICS idea. Even Mr O'Neill moved on to the 'Next 11', smaller, faster growing countries, which are less diverse and politically more amenable, eventually settling down for another smart acronym - MIN...