BRICs, CIVETS, and PIGS: What's in a name?
A look at how financial firms use colorful nicknames to push investments.
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He identified Brazil, Russia, India, and China as four rapidly growing "developing countries" likely to challenge the Group of Seven major economies (the United States, Japan, Germany, France, Britain, Canada, and Italy). The four countries' names make a memorable acronym, and it surely sounds solid, doesn't it?
"Developing countries" is often a euphemism used in contrast with "developed countries," such as those of the G7. But in the case of the BRICs, the "developing" countries are actually developing, and fast enough to help keep the global economy afloat amid rough weather in Europe and the US. Mr. O'Neill's judgment has been vindicated over the past decade.
And now, in a new role as chairman of Goldman Sachs Asset Management, he has a new book out, "The Growth Map: Economic Opportunity in the BRICs and Beyond." He's trying to get people to stop speaking of "emerging markets" (itself a euphemism on the order of "developing countries") and start talking about "growth markets."