The 2008 crisis boosted BRIC prestige while US GDP shrank

Evidence

The rich, freewheeling capitalist countries like the US and the UK had seemingly discredited themselves by tanking the global economy in 2008, and the so-called BRICs were taking their place on the world stage. They created a formal organization in 2009 (adding South Africa to round out the acronym to BRICS a year later). As President Lula hosted the second summit in Brasília in 2010, his country turned a lot of heads around the world. Gross Domestic Product (GDP) growth that year in Brazil was 7.6 percent, as the US economy shrank by 2.5 percent. — Vincent Bevins, If We Burn, 166

Categorization

• XREF: connects to: Six US banks held assets equal to 61.61 percent of US GDP by 2008 — Mark Blyth, Austerity: The History of a Dangerous…, 144

Broader Connections

• Six US banks held assets equal to 61.61 percent of US GDP by 2008 #expands (0.72) — Mark Blyth, Austerity, 144