The so-called BRICS group of nations (Brazil, Russia, India, China and South Africa) held their third summit meeting in Hainan, China, last week, promoting themselves as the key “emerging nations” to challenge the longtime dominance of the West. Coined a few years ago by Goldman Sachs to indicate the four leading emerging markets on the international investment scene, “BRICS” (adding South Africa to the original members) has since acquired a political dimension.