Asia Pacific Journal of Research in Business Management
Year : 2011, Volume : 2, Issue : 6
First page : ( 135) Last page : ( 157)
Online ISSN : 2229–4104.

Industrial Relations in Bric Nations: A Study

Ms. Vikas Sona*

*Ansal Institute of Management, Sector 55, Gurgaon, India.

Online published on 7 January, 2012.

Abstract

Given the rapid development of Brazil, Russia, India and China, Goldman Sachs has forecasted that by 2050 their combined economies could eclipse the combined economies of the current richest countries of the world. These countries currently encompass over twenty-five percent of the world's land coverage, forty percent of the world's population and hold a combined GDP of 15.435 trillion dollars. The emerging market economies play an increasingly important role in global economic development and for the global monetary and financial system. Even though to some extent the focus on these particular four economies is arbitrary, in both demographic and economic terms they are among the largest countries in the world. In financial terms, the BRIC countries also dominate the emerging market economies. Due to lower labor and production costs, many companies also cite BRIC as a source of foreign expansion opportunity following the end of the cold war. Against this background, this paper is an attempt to study the Industrial Relations (IR) in these four countries. The paper traces the historical background and the key influencers of the respective Industrial movements. The prominent labor legislations of the BRIC countries and the current issues that plague them are then discussed. The paper then highlights the role of the Government in handling the IR issues of the respective countries and the significance of harmonious Industrial Relations in BRIC nations. Some of the recent IR cases that were in news in BRIC have also been enumerated. This type of study has not been done previously though, individually, the labor issues of the four countries have been extensively studied.

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Keywords

BRIC, Industrial Relations, Labor Issues, Regulations.

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