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What do all those acronyms stand for?
BY JOSHUA E. KEATING | MARCH/APRIL 2012

When Goldman Sachs economist Jim O'Neill named the emerging economies of Brazil, Russia, India, and China "BRICs" in 2001, he didn't realize he was creating a major new geopolitical term, one that would even be turned into a formal alliance by the countries themselves. (They capitalized the "S" when South Africa joined in 2010.) He also probably didn't realize he was creating a new cottage industry of acronyms. Here's a guide to today's post-BRIC alphabet soup of global economics. BASIC Stands for: Brazil, South Africa, India, China Created by: The countries themselves Why: The BASIC group emerged at the 2009 Copenhagen climate-change conference to present a counterproposal putting more obligations on rich countries to cut carbon emissions. Cooperation

Russia. PIGS Stands for: Portugal. Mexico. Turkey Created by: Jim O'Neill Why: O'Neill didn't rest on his laurels following the hugely successful BRICs branding. . South Korea. Indonesia. and the northern United States Created by: University of California/Los Angeles geographer Laurence C. which groups the worstperforming European economies. Italy. Greece. It hasn't stuck quite as well. NORCs Stands for: Northern rim countries -. TIMBI Stands for: Turkey. combined with abundant oil and natural gas resources.continued into subsequent rounds of climate talks in Mexico and South Africa. In early 2011. but it's become widespread during the euro crisis and is sometimes spelled "PIIGS" to include Ireland.Canada. Scandinavia. he unveiled MIKT. Spain Why: It's not clear who coined the unflattering nickname. Smith Why: Smith believes access to shipping lanes opened up by the melting of Arctic ice.com article that economic growth in Russia and China would be hampered by shrinking working-aged populations. Indonesia Created by: George Mason University professor Jack Goldstone Why: Goldstone argued in a 2011 ForeignPolicy. MIKT Stands for: Mexico. arguing that the term "emerging markets" to describe these countries was simply no longer useful. will make the Arctic countries the pivotal powers of the late 21st century. so India and Brazil should more accurately be placed with countries that boast growing economies and populations. Brazil. Sign Up to see what your friends like. India. Like 21 likes.

Keating is an associate editor at Foreign Policy. DC 20036 | PHONE: 202-728-7300 | FAX: 202-728-7342 FOREIGN POLICY IS PUBLISHED BY THE FP GROUP. SHOW COMMENTS LOGIN OR REGISTER REPORT ABUSE FOLLOW US ON TWITTER | VISIT US ON FACEBOOK | FOLLOW US ON RSS | SUBSCRIBE TO FOREIGN POLICY ABOUT FP | MEET THE STAFF | FOREIGN EDITIONS | REPRINT PERMISSIONS | ADVERTISING | WRITERS’ GUIDELINES | PRESS ROOM | WORK AT FP SERVICES:SUBSCRIPTION SERVICES | ACADEMIC PROGRAM | FP ARCHIVE | REPRINT PERMISSIONS | FP REPORTS AND MERCHANDISE | SPECIAL REPORTS | BUY BACK ISSUES PRIVACY POLICY | DISCLAIMER | CONTACT US 1899 L STREET NW. ALL RIGHTS RESERVED. A DIVISION OF THE WASHINGTON POST COMPANY ALL CONTENTS ©2012 THE FOREIGN POLICY GROUP. .Save big when you subscribe to FP SAUL LOEB/AFP/Getty Images SAJJAD HUSSAIN/AFP/Getty Images OMAR TORRES/AFP/Getty Images MIKHAIL KLIMENTYEV/AFP/Getty Images MIGUEL RIOPA/AFP/Getty Images Joshua E. SUITE 550 | WASHINGTON. LLC.

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