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22min chapter
BRICS expanding into economic powerhouse: Petrodollar under threat
Geopolitical Economy Report
BRICS Expansion and the Creation of a New Currency
This chapter analyzes the motives behind Argentina's invitation to join BRICS and Brazil's president Lula de Silva's goal of challenging the US dollar's hegemony by integrating Latin America with other countries in the global south. It discusses the plans to create a new currency for international trade and investment, as well as the challenge posed by BRICS to the petro-dollar system and Western sanctions. The chapter also explores the significance of BRICS in the global economy and the establishment of alternative institutions in the wake of the North Atlantic financial crisis.
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