This essay tries to shed light on the question of how the so-called BRICS can transform global structures beneficially for the Global South.
BRICS being a coinage of Jim O’Neill, a global economist in Goldman Sachs in 2001 was a personal thinking and analysis which actually subscribed to the global character of the main issues which concern humankind. Ideally, BRICS countries are sovereign states which would wish to use their powers to shape multilateralism around their unilateral interests.
BRICS countries make up 40 percent of the world’s population(3 billion people). 20 percent of the world’s GDP. In the same vein, it represents 18 percent of the world economy. It has 40 percent of gold reserves and currencies. The prognosticated projection is that the BRICS global GDP will be pegged at 60 percent by 2050 and the gold and hard currency reserves will appreciate by 300 percent by 2050. Above all, being collectively the world’s largest market, the cumulative GDP has tripled in the last 10 years since its formation. According to IMF prediction and projection, BRICS economy has grown from 12 percent to 27 percent since 2001. Currently, BRICS hold about 3.93 trillion in foreign reserves and by 2050 it is projected that they will have about $13 .5 trillion of the world’s total economic output. The GDP growth rate for BRICS countries is on a steady upsurge and cannot be compared with the other nations in the global South. The long-term projection it is noted that by 2050 BRICS could account for almost 50% of global equity markets.
With the above descriptive ‘accolades’ for the BRICS countries and the majority of the countries are geographically situated in the South except for Russia. There are certain commonalities which these emerging nations share with the other nations in the global south. This makes them to be in a better and viable position to champion their interests and at the same time re-engineer some meaningful change at the global governance policy level. BRICS since its formation has advocated globally on major issues which affect the nations in the Global South. However, as they perform this valuable global advocacy they always preserve their political, economic and cultural identities as nations within the BRICS bloc.
Table of Contents
1. THE ‘BRICS’ AND THEIR CONTRIBUTION TO TRANSFORM GLOBAL STRUCTURES
Research Objectives and Topics
This paper examines the influence and contribution of the BRICS nations in reshaping global governance structures to foster development and improve the well-being of countries within the Global South. It explores how the bloc utilizes strategies like 'transgovernamentalism' and institutions such as the New Development Bank to advocate for its members and broader developing economies.
- Analysis of BRICS' economic and demographic influence on the global stage.
- Evaluation of the New Development Bank (NDB) as a vehicle for South-South cooperation.
- Investigation into the BRICS approach to international security and counter-terrorism.
- Assessment of the group's coordinated response to the COVID-19 pandemic.
- Examination of how BRICS challenges and reforms traditional multilateral bodies like the IMF and WTO.
Excerpt from the Book
THE ‘BRICS’ AND THEIR CONTRIBUTION TO TRANSFORM GLOBAL STRUCTURES
BRICS being a coinage of Jim O’Neill, a global economist in Goldman Sachs in 2001 was a personal thinking and analysis which actually subscribed to the global character of the main issues which concern humankind. Ideally BRICS countries are sovereign states which would wish to use their powers to shape multilateralism around their unilateral interests (Castellas, 2010, pp. 324-325; Strange .S., 1992. P. 492).
Jim O’Neill’s creativity as documented by Stuenkel (2013), BRICS countries make up 40 percent of the world’s population( 3 billion people). 20 percent of the world’s GDP. In the same vein it represents 18 percent of the world economy. It has 40 percent of gold reserves and currencies. The prognosticated projection is that the BRICS global GDP will be pegged at 60 percent by 2050 and the gold and hard currency reserves will appreciate by 300 percent by 2050. Above all, being collectively the world’s largest market, the cumulative GDP has tripled in the last 10 years since its formation. According to IMF prediction and projection, BRICS economy has grown from 12 percent to 27 percent since 2001. Currently, BRICS hold about 3.93 trillion in foreign reserves and by 2050 it is projected that they will have about $13 .5 trillion of the world’s total economic output. The GDP growth rate for BRICS countries is on a steady upsurge and cannot be compared with the other nations in the global South. The long-term projection it is noted that by 2050 BRICS could account for almost 50% of global equity markets.
Summary of Chapters
1. THE ‘BRICS’ AND THEIR CONTRIBUTION TO TRANSFORM GLOBAL STRUCTURES: This chapter provides a comprehensive overview of the rise of BRICS, its role in global economic governance, and its commitment to addressing the needs of the Global South through policy coordination and institutional reform.
Keywords
BRICS, Global South, Multilateralism, New Development Bank, Economic Growth, Global Governance, Sustainable Development Goals, Poverty Alleviation, Transgovernamentalism, International Security, COVID-19, Foreign Direct Investment, South-South Cooperation, Diplomacy, Emerging Economies.
Frequently Asked Questions
What is the core subject of this paper?
The paper examines how the BRICS nations leverage their collective economic and political power to influence global governance structures and advocate for the development and well-being of the Global South.
What are the central themes discussed?
Key themes include poverty alleviation, climate change policy, international security, the reform of global financial institutions like the IMF and World Bank, and coordinated efforts against global health crises like COVID-19.
What is the primary objective of the work?
The primary objective is to analyze the contribution of BRICS to transforming global governance and to assess whether their strategies effectively foster development for their members and the broader Global South.
Which scientific approach does the author use?
The author employs a qualitative analysis of geopolitical and economic trends, utilizing existing academic literature, summits, and reports to evaluate the strategic impact of the BRICS bloc.
What is covered in the main body?
The body covers the historical formation of BRICS, its demographic and economic weight, the establishment and function of the New Development Bank, and its diplomatic efforts in security, trade, and health.
How would you describe the work using keywords?
The work is characterized by terms such as BRICS, Global South, Multilateralism, New Development Bank, and Global Governance.
How does the New Development Bank (NDB) influence the Global South?
The NDB facilitates South-South cooperation by providing an alternative platform for financial investment and infrastructure development, reducing dependency on Western-led financial institutions.
What role did the COVID-19 pandemic play in the group's agenda?
The pandemic acted as a catalyst for deeper cooperation, prompting the bloc to pool resources for vaccine research and align traditional medicine efforts to mitigate health impacts across member states.
Why is the concept of 'transgovernamentalism' important to BRICS?
It represents the strategy by which BRICS leaders create synergies to enhance their own national interests while simultaneously striving to improve the welfare of humanity in the Global South.
How does the paper view the future legitimacy of BRICS?
The paper views BRICS as a fluid and evolving entity, functioning as an influential lobby group that utilizes 'soft power' and persuasive diplomacy to reshape the international order.
- Quote paper
- Odhiambo Oduke (Author), 2021, BRICS and Their Contribution to Transform Global Structures. Development and Well Being of the Global South, Munich, GRIN Verlag, https://www.grin.com/document/1131033
