Emerging Markets After the Mania: Critique of the BRIC Myth and the Role of Institutions

This text provides an in-depth analysis of the condition of emerging markets in the post-BRIC era, drawing on the insights of Ruchir Sharma. The author challenges the widespread optimism about the inevitable dominance of Eastern economies, pointing out that dynamic growth is a fragile and rare phenomenon. A key element of the discussion is the role of state institutions and the destructive impact of excessive financial liquidity, which often masks a lack of structural reforms. The article addresses the issues of the middle-income trap and the phenomenon of oligarchization, which blocks social and economic mobility. Using the phenomenology of travel, the reader is provided with tools for a realistic assessment of the infrastructure and social dynamics of aspiring countries. This is a critical look at global capitalism, which, instead of convergence, often leads to structural uncompetitiveness and dependence on external credit impulses.