The Rise of the BRICS in the Global Political Economy

The Rise of the BRICS in the Global Political Economy

Changing Paradigms?

Edited by Vai Io Lo and Mary Hiscock

Taking an interdisciplinary approach, Vai Io Lo and Mary Hiscock, together with scholars and researchers from around the world, investigate the rise of the BRICS and assess the extent of their further development and influence from the perspectives of economics, international relations and law.

Chapter 12: The BRICS: A model for living on the earth

Dilyara B. Karimova

Subjects: development studies, development economics, economics and finance, political economy, politics and public policy, political economy


Official economic reality is steadily forming among the BRICS members in terms of both political and economic participation. In fact the five BRICS countries together encompass: ï 50 per cent in terms of adjusted global GDP in the 2000ñ08 period; ï the highest economic growth (over the past decade their economies have grown by 4.2 times compared with 61 per cent growth in developed countries); ï 42 per cent of the worldís population; ï 26 per cent of the Earthís territory; ï 20 per cent of the global economy; and ï 14.6 per cent of the worldís trade (BRICS, 2012c). The fast growing ëmodus operandi of the twenty-first centuryí, free from bureaucratic paraphernalia, is representative of a new kind of institution; the BRICS is such an institution, with its own political ambitions in terms of the changing global balance (Azambuja, 2010). All the BRICS countries are prominent members of the UN, G8 and G20 at both a global and regional scale. As ëthe key pieces on the global chessboardí (Pereyra, 2012), the BRICS group ëcould become a much more significant force in the world economyí and ëwould dramatically change the list of the worldís 10 largest economiesí (BRICS, 2012b).

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