The US and the BRICs

EXCLUSIVE COLUMN

Goldman Sachs Asset Management chairman Jim O'Neill writes an exclusive column for Investment Week

As we approach the 10-year anniversary of the BRIC concept, I am frequently asked how the US will be affected by the rise of the new economic superpowers. Does the growing power of the BRICs – and China in particular – signal the demise of the US? Before attempting to answer that question, let us first take a look at the state of the US and BRIC economies. There are many lazy assumptions about the US. Some see the world’s biggest economy as permanently damaged by the financial crisis and point to high unemployment, over-levered consumers and high dependency on foreign capital. Clearly...