From Financialexpress.com:Traditionally, commodities have always driven a spike between industrialised economies and developing ones.
This has been a normal trend as raw material prices have been soft and yielded adverse terms of trade vis-à-vis value-added industrialised exports. Add price volatility to that; it is yet another unwelcome dimension for commodity exporters. Even then, it was during the commodity boom that the christening occurred of Brazil, Russia, India and China. They became Bric in 2003 under the aegis of Jim O’Neill of Goldman Sachs…… Full Article: Source