BRICS: Rebalancing the New World Order An Impassioned Trajectory
DOI:
https://doi.org/10.33423/jabe.v27i2.7557Keywords:
business, economics, Foreign Direct Investment, Intra-BRICS investment, gross domestic product, international trade, de-dollarization, blockchainAbstract
It has been more than 23 years since Jim O’Neil, head of economic research at the investment bank Goldman Sachs (GS), wrote in an internal policy paper that four countries, Brazil, Russia, India, and China (BRIC). Seeking to attract investors, in his 2001 GS Global Economic Paper No. 66, “Building Better Global Economic BRICs,” O’Neil focused on investment opportunities in four developing countries— Brazil, Russia, India, and China (BRIC), O’Neill further argued that the balance of world economic powers was already tilting in favor of these four countries which he labeled as “BRIC” economies. The BRIC nations embraced the term and invited South Africa In 2010 to join them. Hence the acronym BRIC became “BRICS.”
In this paper, I plan to focus on economic progress of BRICS countries, as reflected in their GDP, international trade, and Foreign Direct Investment (FDI). I will illustrate the power of BRICS as well as the global challenges these countries will face in the coming decades in achieving their mission to change the global order.
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