Hold Your Horses: BRICS Has a Long Way to Go!

It’s easy for those of us who are anti-imperialists here in the West to get very excited about BRICS and imagine it has arrived on the world scene faster than it actually has.

Ever the realist, Michael Roberts points out that while BRICS dwarfs the West in population, it is nowhere near the West in the share of GDP or the per capita income. Furthermore, while the dollar has weakened, it is still the top trading currency.

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