emerging economies

First came the booming economies. Then came the rush of investors. Now the so-called BRIC nations -- Brazil, Russia, India and China -- are talking about forming a political alliance.

The continued rise of the emerging economies, particularly India and China, is never far from the headlines. What impact these economies will have on the twenty-first century is the subject of much debate, with the possibility of a shift in global political power a recurring theme. It is often assumed that the emerging economies are following the same path to development that the established economic powers did - but this assumption is worth questioning.