Edited by Vai Io Lo and Mary Hiscock
Chapter 12: The BRICS: A model for living on the earth
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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