Chapter 17. The BRIC Countries in the World Economy. Learning Objectives. Define the meaning of the term BRIC and state why it has been adopted into common usage. Explain the demographic challenge facing China and Russia. Narrate a description of the economic reforms in each BRIC economy.
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The BRIC Countries in the World Economy
privatizing state-owned firms and factories
- starting new businesses
- obtaining necessary business permits
Dual track strategy: localized reforms to certain areas or sectors (e.g., agriculture) while maintaining traditional, central planning structures in the remainder of the economy
Proponents of rapid reform- China was special case
China’s coastal areas- potentially convenient logistics for trading internationally