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  • BRIC Is for Real  [View article]
    Many readers may not be aware of the concept of "Open Access Orders," as defining the social organizations of nations, such as the the U S , U K and France.

    None of the BRICs are open access. They are all Limited Access Orders. See, NBER Working Paper 12795.

    Unless one understands the the risk factors of an LAO, as compared to those within an OAO, there is no limited to one's loss exposures.

    Russia in particular has become (and shows no trends for change) a strict LAO. Brazil may be capable of becoming a "threshold" economy (transitioning to OAO) but has a high burden "public" sector - but is stable. India and China are not yet at Threshold.

    It is not simply a question of the existence of "Rule of Law." But, for whom do the "Rules" work. It is an issue of how their societies are organized and function (as well as why they are so).

    It is not simply a matter of what pots are boiling, but what ingredients are in them - and - who's doin' the cookin' to what purposes.

    Disclosure: Long RSX; EWZ; MTL; VWO (retired from International Law).
    May 19 12:06 pm |Rating: 0 0 |Link to Comment
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