BRICs is a term coined by Jim O’Neill coined in 2001 that stands for developing countries like Brazil, Russia, China and India expected to be superpowers in the near future. This assortment of countries is expected to account for nearly 20% of the World Gross Domestic Product by the end of 2012. Taking a close look at the economic and political bent of the countries that make up the BRIC nations it can be observed that all of them are developing stage and being the developing countries they are each of them is striving hard to make their populace more productive by endeavouring to give them the best education like MBA. After due analysis of each country it can be affirmed that the Higher Education is instrumental in the collective growth of BRICs and each individual as well.
So, why does BRICs growth relies on its Higher Education?
Most of the developing countries are at a stage where their population is increasing but the respective governments are not spending enough on the higher education. Thus a need has arised for universities to put in efforts in setting up a system for higher education. This will not only lead to more research institutions and development organisations spurting the country’s growth but will also lead to innovation, research and development. This is the model of the development and growth adopted ages back by North America and Europe that has lost lustre there as these developed countries have already reached the echelons of development.
Brazil for instance is laying a great emphasis on its higher education environment. A major chunk of its universities for enrolments are public. These are the same universities MBA that are today the research powerhouses fuelling hopes, businesses and growth of the entire Latin America. Brazil is carving a niche for its self in the education space, especially higher education by employing sets of world class faculty coupled with superbly attractive salaries although private participation is still the need of the hour. Russia is amongst the lowest performing when it comes to higher management education. In contrast to this they are performing well with respect to medical education. Russia’s constraints are of a different order as its eco-political atmosphere is vastly different from that of Brazil, India and China. This is because Russia so far has failed to create an academic culture, freedom, faculty and salaries which are not really working in its favour. China and India on the other hand are making the correct choices and indulging in privatising higher education which although is asking higher management education more expensive but is still making a difference to the bright minds stepping out form the universities.
Thus, looking at the constraints faced by each BRIC country, building a tough foundation for higher management education could well be the answer to many development woes in each of them but the constraints hindering the capacity are not small in nature and hence a routed path specifically concentrating on making education as the medicine to growth worries could help the macro BRIC growth cause.
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