Brazil, Russia, India and China are the John, Paul, George and Ringo of the emerging markets — a neatly packaged group of disparate individuals that sometimes inspires hysteria.

This year, the Brics turned 11 years old, so they have outlasted the Beatles, who notched up a decade. Like the band, the Brics have enjoyed enormous success. In 2002, Bric stock exchanges accounted for 3% of the total market value of members of the World Federation of Exchanges. By 2011, they represented one-fifth.