Challenging Western Hegemony: BRICS and the New Economic World Order
DOI:
https://doi.org/10.22161/jhed.7.6.13Abstract
The emergence of BRICS (Brazil, Russia, India, China, and South Africa) as a collective force represents a pivotal shift in the architecture of global economic governance, directly contesting the long-standing dominance of Western institutions and norms. This review article critically examines how BRICS, through its economic heft, institutional innovations such as the New Development Bank (NDB), and strategic expansion, is fostering a multipolar world order that prioritises South-South cooperation over unilateral Western influence. Drawing on a synthesis of recent scholarship, we trace the historical evolution of BRICS from an acronymic investment thesis to a geopolitical bloc, analyse its macroeconomic contributions amid global uncertainties, and interrogate the tensions inherent in de-dollarisation efforts and intra-group dynamics. While BRICS has surpassed the G7 in purchasing power parity-adjusted GDP, challenges such as internal asymmetries and external sanctions underscore the fragility of this ascent. Through comparative tables and analytical discourse, this piece argues that BRICS not only challenges Western hegemony but also redefines equity in international relations, though its success hinges on navigating geopolitical frictions. Ultimately, BRICS signals a democratised economic order in which emerging powers reclaim agency in shaping global futures.
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