Geopolitics
Enter the dragon
The Brics – Brazil, Russia, India, China and South Africa – are meeting in Johannesburg until the end of the week to discuss everything from an impending global-trade war to definitions of terrorism. At one point the Brics were poised for world domination: Brazil was booming off commodities, India was gearing up to be a tiger economy and Russia and China were more or less quietly getting on with it. But politics and economics have a nasty habit of getting in the way. For one, Brazil and Russia have been dealing with recessions (the latter provoked by western sanctions); India is promoting a brand of Hindu nationalism; South Africa has had to deal with political overhaul; and Russia has been showing its nastiest side. Not that it’s stopping the Brics from going through the motions; the Chinese cash cow has promised €12.8bn of investment in South Africa for one. No prizes for guessing the nation that’s leading the pack.