Edited by Vai Io Lo and Mary Hiscock
Chapter 5: Brazil: A soft power rising with the BRICS towards a multipolar world
Over a decade ago, economist Jim OíNeil predicted that by 2050 most of the global economic growth would come from the emerging economies of Brazil, Russia, India and China, and created the acronym BRIC. What then started as an acronym has evolved into a strong brand and alliance transcending the economic role of these nations as global suppliers of goods, services and raw materials. South Africa joined the alliance in 2010, representing the relevance of the African continent to global economic growth and extending the acronym to BRICS. In 2012 the BRICS represented approximately 56 per cent of the worldís GDP growth and 20 per cent of global GDP in nominal terms. The BRICS is increasingly becoming one of the political forces shaping the future of economic and trade policy-making, and to some extent representing the interests of developing and least developed nations in multilateral negotiations. The commitment of the BRICS nations in this regard continues to increase, and during the fifth BRICS Summit in March 2013 the BRICS announced the establishment of the BRICS Development Bank, Contingency Reserve Arrangement, BRICS Business Council and BRICS Think Tanks Council. These announcements are examples of the ability of the BRICS to develop and implement long-term economic and political strategies that will challenge the hegemony of developed nations in the world order. The last decade has brought significant developments to economic, political and social environments in the BRICS nations.
You are not authenticated to view the full text of this chapter or article.
Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.
Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.
Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.