Summary
The BRICS group, which includes Brazil, Russia, India, China, and South Africa, was once seen as a strong alternative to Western economic power. However, internal differences and new global factors have limited its ability to challenge Western dominance.
Key Facts
- BRICS is a group of five major economies: Brazil, Russia, India, China, and South Africa.
- The group aimed to reduce reliance on the US dollar and Western economic institutions like the World Bank, G7, and IMF.
- Economist Jim O’Neill, who created the term "BRIC," commented on these countries' mixed political goals.
- O'Neill suggested that US economic policies might be weakening its influence.
- The economic growth of China and India is seen as part of the shift in global power.
- Different political agendas among BRICS countries have affected the group's unity.
