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The Inside Story Podcast
Can BRICS shake up the world's political and economic architecture?
Aug 25, 2023
BRICS nations are planning new currency arrangements and inviting new members to shake up the world's political and economic architecture. The guests discuss the historical context of BRICS, their dissatisfaction with the current economic platforms, and the rise of emerging markets. They also explore the concept of de-dollarization, the establishment of the new development bank, and the need for reforming the UN Security Council, IMF, and World Bank.
23:59
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Quick takeaways
- BRICS aims to challenge the dominance of Western-led institutions and ensure their interests are adequately represented on the global stage.
- BRICS sees the potential to challenge the Western-dominated global order, similar to what OPEC achieved in the oil industry.
Deep dives
BRICS Emergence and Desire for Representation
The BRICS nations, comprising emerging markets, are seeking greater representation and a say in global affairs. These countries, which have experienced significant growth in the last three decades, feel underrepresented in international bodies like the US Security Council. By forming a united front, BRICS aims to challenge the dominance of Western-led institutions and ensure their interests are adequately represented on the global stage. However, there are differing opinions within the BRICS group, with some countries favoring cooperation and others advocating for a more confrontational approach towards the West.
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Discover
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