Decentralization in the world economy and increasing importance of emerging countries

Thanks to the recent rapid growth of World economy and the subsequent global crisis in 2008, today economists can make better evaluations about BRIC, a concept introduced by Goldman Sachs in classical growth models for the first time in 2001. BRIC concept was built on the base of high profit of capital in developing countries and their potential to adopt the present technology in developed countries. All BRIC countries other than Russia have shown impressive economic performance during both the global expansion period and the 2008 global economic crisis. China, India and Brazil thereby have entered a convergence period with the three big economic blocks, namely USA, EU and Japan. Yet, BRIC countries? economic performances are not the same. China has displayed the best economic performance, who has been followed by India. On the other hand, Russia who -unlike the other BRIC countries- suffers from lack of product variety continues to be dependent on natural resources and energy export, making her more sensitive to global economic circumstances. Hence, we can conclude that the global economy is becoming multi-polar, while the economic power of Big Three is decreasing.After Turkey had adopted liberal politics in lieu of import substitute in the 1980?s, Turkish firms? competition power and per capital increased impressively and foreign capital dependency continued to rise. Although China, India and Brazil have adopted liberal politics after Turkey, these countries have developed faster in a stable manner, and they created brands which are known worldwide, thanks to applying restricted liberal politics and planning developing politics. Briefly, the convergence period which is mentioned for China, India and Brazil does not involve Turkey.