A meeting of the major middle-income countries in South Africa garnered plenty of attention, but produced little in terms of actual policies.
Brazil, Russia, India, China and South Africa (BRICS) account for over 40% of the world’s population, 1/4 of the world’s GDP and are responsible for 55% of the global economic growth since 2009. The BRICS have raced onward in the face of the financial downturn and are poised to take a larger share of the global economy in the coming years.
What will this mean for development, for the global push to reduce poverty, inequity and the so-called north-south imbalance of power. Some experts think not much, because the BRICS are more a concept than a cohesive force. Continue reading
The group of nations known (by wonks anyway) as BRICS — Brazil, Russia, India, China and South Africa — are fast moving away from being recipients of foreign assistance and toward taking a more active role as donors, drivers of aid and development.
It’s worth paying attention to this shift, what’s driving it and the broader implications beginning with the prediction that the U.S. will soon be second to China as a world economic power. These ‘development’ issues may soon be viewed less as charitable America sending help overseas and more about assuring that a globalized world doesn’t simply increase inequities everywhere.
Flickr, Blog do Planalto
BRICS 2011 meeting in China
At this group’s recent summit meeting in New Delhi, these countries which now represent half the world’s population said they want more of a say in how the world fights poverty, reduces inequities and who gets to make the decisions. As the Mail & Guardian online reported, the BRICS are reshaping a reluctant world order partly out of anger at the West’s historic dominance:
The BRICS grouping’s political clout has grown with its importance to the world economy and the latest summit declared its intention to set up (its own) development bank.