The Sound of Economics
What to expect from the BRICS expansion
Aug 31, 2023
This podcast episode discusses the recent expansion of the BRICS group and its implications on the global economic and geopolitical landscape. Topics covered include China's efforts to reshape the group, the proposal to reform the G7, the shift in China's objectives, the potential of digital currencies, and the changing composition of BRICS.
24:59
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Quick takeaways
- The expansion of BRICS aims to diversify monetary transactions in the global south and counterbalance the G7 and Western influence.
- The use of digital currencies and the BRICS Development Bank may have significant implications for the global economic system.
Deep dives
Background and Expansion of BRICS Summit
The recent BRICS Summit took place in Johannesburg, South Africa, with the attendance of heads of states or governments of Brazil, Russia, India, China, and South Africa. The headline announcement was the historic expansion of the group, inviting Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates. The expansion and the intention to diversify monetary transactions in the global south were primarily discussed in the geopolitical context, highlighting China's desire to counterbalance the G7 and Russia's defiance towards the West.
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