The BRICs phenomenon mirrors a general shift in the international balance of power, withthe centre of gravity moving from the North to the South. The implications of the rise of theBRICs are certainly large for the world economy, even if the reality might sensibly differ from theprojections conducted by the analysts at Goldman Sachs (O’Neill, 2007). Whether the forecastswill be met depends on how the BRICs improve their growth-supportive policy settings, such asmacroeconomic stability, strong and stable political institutions, openness to trade and foreigndirect investment (FDI), and higher levels of education.