[Marxism] ‘Fragile Five’ Is the Latest Club of Emerging Nations in Turmoil - NYTimes.com

Louis Proyect lnp3 at panix.com
Tue Jan 28 23:22:52 MST 2014

The long-running boom in emerging markets came to be identified, if not 
propped up, by wide acceptance of the term BRICs, shorthand for the 
fast-growing countries Brazil, Russia, India and China. Recent turmoil 
in these and similar markets has produced a rival expression: the 
Fragile Five.

The new name, as coined by a little-known research analyst at Morgan 
Stanley last summer, identifies Turkey, Brazil, India, South Africa and 
Indonesia as economies that have become too dependent on skittish 
foreign investment to finance their growth ambitions.

The term has caught on in large degree because it highlights the strains 
that occur when countries place too much emphasis on stoking fast rates 
of economic growth. The new catchphrase also raises pressing questions 
about not just the BRICs but about emerging markets in general.


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