Showing posts with label Jim O'Neill. Show all posts
Showing posts with label Jim O'Neill. Show all posts

Thursday, March 12, 2020

Jim O'Neill on India and coronavirus

Jim O'Neill, the economist who coined the acronym 'BRIC', has gratuitously commented that he is thankful that coronavirus started in China and not India. In his view, India could not have managed the situation as well as China. His counterfactual wisdom is unwarranted on many counts.

Prevention of an ill is better than its cure. China failed miserably in preventing this zoonotic malaise. Yet, neither WHO nor any other global organisation has been truthful or bold enough to chastise China. O.Neill who is critical of India's medical preparedness has no observation on Russia (another of the BRIC economies). Is this because any criticism of Russia will result in this British economist becoming persona non grata in Russia?

It is not without reason that India is known for medical tourism. Medical prowess of its doctors is well known. Further, India being a thriving democracy, news of any viral attack would have spread like wild fire and its government would/could not have hidden it so long as the Chinese government did. Its voluble opposition would have informed WHO the very first day. (This would have been one of the few good things done by the vituperative opposition!)

What does O'Neill think of the preparedness of his own country, U K ? Its health minister has also unfortunately contracted the virus. On a lighter note, Indian ministers are known for taking better care of themselves!

Thursday, August 15, 2013

Jim O'Neill

There can be no discussion on emerging economies without a reference to BRICs. This acronym was coined in 2001 by Jim O'Neill who recently took an early retirement (age 56) from his longtime employer, Goldman Sachs. He was last the Chairman of GS Asset Management which manages assets worth around 700 billion dollars.

The acronym has stood the test of time for more than 12 years. It will continue to enjoy its shelf-life even after the BRIC nations start losing their sheen, a process that has already started. O'Neill is also reputed as a currency expert. He had also coined the acronym MIKT for Mexico, Indonesia, (South) Korea and Turkey. (MIST may have been more meaningful!) MIKT is unlikely to be as popular as BRIC.

It is an interesting coincidence that BRIC nations are on the wane when Jim O'Neill retires from GS.