Emerging Powers: Global Trade Force in a Multipolar System

Dina Jaccob

Abstract


Representatives of the Brazil, Russia, India, China, and South Africa (BRICS) are treated as a new foundation for the global economy. The BRICS’s quick developing powers are considered to be currently altering the 21st century political and economic map. In light of socioeconomic and political evolution, they are experiencing an unusual set of circumstances. The discussions that govern the communication in each present BRICS representative, on security of either traditional or non-traditional nature, are tied to the difficulties faced by the global community. This provides a fascinating chance with a matrix of various possibilities to collaborate, combine, and work collectively. Within the BRICS, growth and diversity coincide. During most of the past decade, all BRICS representatives have benefited from higher growth as each country has its own uniqueness. Brazil has formed economic structure, Russia’s economy is fuelled by commodities, India has an economy driven by domestic demand and China dominates in exports while South Africa signifies Africa’s fast-growing region. Growth is the critical factor that transforms this community into a significant and strong force in the global economy. In the G-20, all five countries have a vital role in forming the global economy policy and financial stability. Therefore, this study intends to examine the global economy, the region where current institutions are being most challenged by the emerging economies. Along with their effect on global security, BRICS appear as a new generator for global growth. This study assesses their efforts in improving the international financial system along with their responsibility in the international political system and its stability.

Aus. J. Bus. Sco S. & IT. Vol 4(2), April 2018, P 69-83

Keywords


Emerging Powers; Brazil, Russia, India, China, and South Africa; Global Economy; International Political System; Global Security

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