BRIC is an acronym for Brazil, Russia, India, and China, all of which are countries whose economies are thought to be emerging as important players in the global markets. A 2003 Goldman Sachs report predicted that their economies would be wealthier than the current major powers by 2050. The theory posits that China will be the dominant supplier of manufactured goods, India will be the dominant suppliers of services, while Brazil and Russia will supply raw materials.
What's the significance?
The emerging power of these countries' economies is seen as a symbol of the shift in economic power away from the G7 countries toward the developing world. These countries aren't likely to form a political alliance or a formal trading association, but they could form a powerful economic bloc. Because of their lower labor and production costs, they're also seen as an opportunity for foreign expansion.
Who's talking about it?
Forbes notes that 108 of the 214 new names added to its World's Billionaires list are from BRIC countries... There have been some indications that Russia wants to turn the group into a political alliance... Joe Costello points out that without dealing with our trade deficit, stimulus money may simply employ people in BRIC countries... David Woolner reminds us that FDR was the one who first thought of China as a great power... Marshall Auerback explained the consequences of failing to address our industrial base at home and trade imbalances with China... And Mike Konczal adds that it will be really hard to compensate workers at home for free trade agreements with countries like China.