Development through Innovations Potentials Issues in Brazil, Russia, India, China and South Africa (BRICS)
Abstract
Development process globally in general and emerging economies in particular has undergone significant changes since last quarter of 20th century. Alwin Toffler in his "The Third Wave" (1981) had exposed in detail likely hood of greater changes to take place across countries of world. In the first decade of 21st century much debate has taken place about 4th Industrial revolution taking shape across human society. On the other hand process of globalization brought for the major changes in the pace and nature of development in many countries. Post globalization period yielded significant impact induced by multidimensional changes. Global major institutions and rating agencies which examining and analyzing the growth and development processes and strategies clearly observed a new set of emerging markets gradually dominating global frame. Initially in 1998-1999, "Brazil, Russia, India and China - names as "BRIC" was coined as distinct group of emerging markets. Later on South Africa was added and then named as "BRICS".
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References
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