The hand of Goldman and Sachs

1. Jim O'Neill and the BRIC Concept:
   • Jim O'Neill, in 2001, coined the term "BRIC" to refer to Brazil, Russia, India, and China. He identified these emerging economies as having significant growth potential and believed they would play a crucial role in the global economy.
   • O'Neill's assessment was based on economic indicators, demographic trends, and the potential for these countries to become major players on the world stage.

1. Goldman Sachs' Influence:
   • As the chief economist of Goldman Sachs, O'Neill's views held considerable weight in the financial and investment community.
   • Goldman Sachs, being a major global investment bank, is known for its research and analysis that can influence investment decisions worldwide.
2. O'Neill's Projections:
   • O'Neill's long-term projections, communicated to Goldman Sachs clients, envisioned a reshaping of the global economic order by 2040.
   • The prediction of China surpassing the United States in GDP, India surpassing Japan, and the overall growth of the BRIC economies outpacing the G7 were bold and impactful statements.
3. BRIC Economic Trajectory:
   • While there was a period of economic slowdown globally, including among the BRIC nations, the overall trajectory has supported O'Neill's predictions.
   • China, in particular, has experienced rapid economic growth and has become a major economic powerhouse.
   • India has also seen significant economic development, although the pace and timing of overtaking Japan might differ.
4. Expansion to BRICS:
   • The inclusion of South Africa in 2010 expanded the BRIC concept to BRICS, reflecting a broader coalition of major emerging economies.
5. Legacy and Reflection:
   • O'Neill's foresight and the subsequent developments have sparked ongoing discussions about the shift in global economic power and the rise of emerging economies.
   • The phrase "The hand of Goldman and Sachs" suggests that Goldman Sachs played a pivotal role, knowingly or unknowingly, in influencing perceptions and strategies related to these emerging economies.

In summary, Jim O'Neill's BRIC concept, formulated during his tenure at Goldman Sachs, has left a lasting impact on how the world views the dynamics of the global economy. The subsequent growth of the BRIC nations, particularly China, has validated many aspects of his predictions, contributing to ongoing discussions about the evolving economic landscape.