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Dreaming with BRICs

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  • Leon Wansleben

Abstract

Intertwinements of economic practices with economic knowledge have been of particular interest for sociologists and cultural anthropologists during recent years. This article discusses a particular case of such intertwinements: in 2001, Goldman Sachs economists invented the acronym 'BRIC' for grouping together the largest emerging economies - Brazil, Russia, India and China. The economists projected that over the course of 50 years, the BRICs would become the new core of the world economy. This article interprets the BRICs concept as an innovation in the classificatory regimes of finance. These classificatory regimes are understood as persistent cultural constructs. In the domain of international finance, classifications have traditionally been organized according to the distinction of developed and developing economies, with assumptions regarding return expectations and risks attached to this distinction. The BRICs concept alters these classificatory regimes and re-describes a selective group of emerging markets as solid, long-term investment destinations. In order to establish this innovation, the Goldman Sachs economists draw on calculative framings, narrative strategies and metaphorical language. As evidenced by descriptive statistics of portfolio flows, a preliminary analysis of investment discourses and of changes in the emerging market funds industry, Goldman Sachs' expertise on the BRICs indeed seems to have contributed to the emergence of a new cultural circuit of capital of post-emerging market investments to developing economies.

Suggested Citation

  • Leon Wansleben, 2013. "Dreaming with BRICs," Journal of Cultural Economy, Taylor & Francis Journals, vol. 6(4), pages 453-471, November.
    • Handle: RePEc:taf:jculte:v:6:y:2013:i:4:p:453-471
    DOI: 10.1080/17530350.2012.756826
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    References listed on IDEAS

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    1. Donald Mackenzie & Fabian Muniesa & Lucia Siu, 2007. "Do Economists Make Markets? On the Performativity of Economics," Post-Print halshs-00149145, HAL.
    2. Donald MacKenzie, 2008. "An Engine, Not a Camera: How Financial Models Shape Markets," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262633671, December.
    3. Solow, Robert M., 2000. "Growth Theory: An Exposition," OUP Catalogue, Oxford University Press, edition 2, number 9780195109030, Decembrie.
    4. Donald MacKenzie & Fabian Muniesa & Lucia Siu, 2007. "Introduction to Do Economists Make Markets? On the Performativity of Economics," Introductory Chapters, in: Donald MacKenzie & Fabian Muniesa & Lucia Siu (ed.),Do Economists Make Markets? On the Performativity of Economics, Princeton University Press.
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    1. repec:hal:spmain:info:hdl:2441/5a5m6mrpgl8dlbhfjigc98ug8o is not listed on IDEAS
    2. Marion Fourcade, 2013. "The material and symbolic construction of the BRICs: Reflections inspired by the RIPE Special Issue," Review of International Political Economy, Taylor & Francis Journals, vol. 20(2), pages 256-267, April.
    3. Rao-Nicholson, Rekha & Ayton, Julie (Salaber), 2016. "Euphoria in financial markets: How Indian companies generate value in their cross-border acquisitions," Research in International Business and Finance, Elsevier, vol. 38(C), pages 494-508.
    4. Belesky, Paul, 2015. "Towards a New Political Economy of Food: State Capitalism and the Emergence of Neomercantilism in the Global Food System," Thesis Commons 8ckgz, Center for Open Science.
    5. Marion Fourcade, 2013. "The material and symbolic construction of the BRICs," Post-Print hal-03473894, HAL.
    6. Belesky, Paul, 2016. "Rice, politics and power: the political economy of food insecurity in East Asia," Thesis Commons hn264, Center for Open Science.

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