Changing BRIC for BRAC: A new look for global investors

"The acronym 'BRIC-standing for Brazil, Russia, India, and China-is in vogue as shorthand for the emergence of the developing world. "But we're herewith proposing an emended version: 'BRAC'-standing for Brazil, Russia, Australia, and Canada. "That's because these four countries are the ones most brimming over with essential natural resource, with each one a net exporter of fuels and other natural products. In a world where resource shortages will only get worse, these countries will stand out from the pack. "Don't get us wrong. China and India remain the largest and fastest growing emerging economies and still face exceptional futures. "But their major resources are cheap labor, which will become less cheap as their economies keep growing. Indeed, labor costs in these countries already have begun to rise relative to the rest... [read full story]