BRICs Hit a Wall

Emerging markets are dragging down the global economy.

Dragging down the global economy.

Photographer: Christopher Furlong

Fourteen years ago, Goldman Sachs presented a thesis that quickly gained traction among investors and policy makers: Brazil, Russia, India and China, the bank claimed, would increasingly drive global growth, filling a void left by the West. Today, the opposite case seems far more plausible. The so-called BRIC nations are now threatening to drag down the rest of the world.

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