Economic Growth and Technological Capabilities in BRICS: Implications for Latecomers to Industrialization

This paper attempts to analyse the implications of the rise of Brazil, India, China and South Africa for developing countries, situated in the wider context of the world economy, with some focus on latecomers to industrialization. Section 2.2 highlights the economic significance of Brazil, India, China and South Africa in the world economy at the beginning of the twenty-first century, in comparison with the past, and outlines their performance in terms of economic growth during the second half of the twentieth century. Section 2.3 asks whether these countries could be the new engines of growth for the world, beginning with history and statistics to touch upon the underlying economic causation. Section 2.4 examines the possible impact of rapid growth in the four economies on developing countries, which could be complementary or competitive and, on balance, positive or negative. Section 2.5 analyses the nature of technological development in these emerging economies — foundations, dilemmas and specificities — to explore the lessons for late latecomers to industrialization.