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Article

The International Business Management Environment in the BRIC(S) Bloc

Russian Management Journal. 2017. Vol. 15. No. 4. P. 515-536.
Littrell R., Ramburuth P.

515The International Business Management Environment in the BRIC(S) BlocРоссийский журнал менеджментаRussian Management JournalТом 15, No 4, 2017. С. 515–536Vol. 15, No. 4, 2017, pp. 515–536The InTernaTIonal BusIness ManageMenTenvIronMenT In The BrIc(s) BlocR. F. LittReLL*National Research University Higher School of Economics at St. Petersburg, RussiaaP. RambuRuthUNSW Business School, University of New South Wales, AustraliabThe BRIC countries (Brazil, Russia, India and China) were identified as the fastest growing emerging economies by the economist Jim O’Neill in 2001. He created the acronym BRIC (which became BRICS in 2010 to include South Africa) and raised their profiles. Some researchers viewed the rise of BRIC(S) as phenomenal, others were more cautious. Scholars such as [Sinha, Dorschner, 2010] noted the disparate nature of the BRIC countries, being separated geographically, culturally and politically. Others (e.g. [Armijo, Burges, 2007; Tudoroiu, 2012]) noted a lack of conceptualization of BRIC(S) as a group, that is having an array of similar characteristics. This article reviews the international business management environment in the BRIC(S) bloc, finding uncertainties about the sustainability of their upward trajectories. Historically and statistically, emerging economies that secure rapid economic growth seem unable to sustain it after a decade, evident in the decline of the economic fortunes of BRIC(S). This paper provides statistical insights into BRIC(S) individual and bloc performance and discusses alternate clusters of emerging economies and predictions (e. g. FIG, MINT, MIST, etc.). The discussion briefly considers the role of the New Development Bank (2015), provision of development finance to BRIC(S) and other emerging economies, and positioning in relation to existing financial institutions. The paper concludes with suggestions for a more considered assessment of emerging economies and their role in the global economy.