The Rise of the BRICS in the Global Political Economy
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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.
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Chapter 5: Brazil: A soft power rising with the BRICS towards a multipolar world

Raquel Dos Santos

Extract

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.

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