Has BRICS given up on challenging Western economic dominance?
GS2Polity · Governance · IR· Regional & global groupings (QUAD, BRICS, SCO, G20...)· Mains·
Why in news
Jim O’Neill, the economist who coined the term ‘BRIC’, argued that the BRICS coalition is losing its relevance in challenging Western economic dominance due to internal political differences.
Background
Jim O’Neill, a member of Britain’s House of Lords, stated that BRICS's ability to challenge the US dollar and Western institutions like the IMF and World Bank is hindered by differing political agendas. He attributed the group's potential decline to the rise of China and India alongside US economic policies.
Facts for Prelims
- BodyBRICS: A coalition comprising Brazil, Russia, India, China, and South Africa
- BodyG7: A group of Western economic institutions and nations often contrasted with BRICS
- FactJim O’Neill coined the term 'BRIC' 25 years ago
- BodyIMF and World Bank: Western-led economic institutions targeted by BRICS for reform
For Mains
Q. Examine the internal structural and political challenges that hinder the BRICS coalition from effectively challenging the hegemony of Western-led economic institutions.
Dimensions to cover in your answer
- Internal friction: Divergent political agendas among member states complicating unified economic policy
- Geopolitical shift: Rapid economic rise of China and India altering the original BRIC power dynamics
- Institutional inertia: Difficulty in creating a unified alternative to the IMF and World Bank
Keywords: Economic Hegemony · Multipolarity · Institutional Reform · Geopolitical Alignment · De-dollarization
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