Rarely has an acronym led such a charmed life as BRICS. Casually invented by former Goldman Sachs Group Inc. economist and Bloomberg View columnist Jim O'Neill to label emerging markets of promise, it actually brought together leaders from the disparate countries of Brazil, Russia, India, China and South Africa. Last week in Brazil, they took a decisive step toward building institutions that could plausibly challenge the long geopolitical and economic ascendancy of the West.
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