BRICS nations take on U.S. dollar, Western dominance

The BRICS nations, a group of growing economies including: Brazil, Russia, India, China, and South Africa, are reasserting themselves on the global stage. The alliance is not new, but it has gained more attention in the last year because none of the countries have taken part in sanctions against Russia for its invasion of Ukraine. Supporters of the BRICS alliance say a multipolar world is what's needed right now given rising geopolitical tensions, insecurity, and inequality. They are calling for power to be decentralized from Western countries like the U.S. and the U.K. Foreign ministers from each of those nations met last week to discuss their priorities: the possible creation of an alternative currency to the U.S dollar, the growth of their alternative to the World Bank, called the New Development Bank, and the likelihood of more nations joining the group. South Africa is set to hold a summit of BRICS heads of state in August. This week, we explore what the group stands for, why a non-Western power bloc is appealing to many countries in the Global South, and the skepticism around the alliance. For transcripts of this series, please visit: https://www.cbc.ca/radio/podcastnews/nothing-is-foreign-transcripts-listen-1.6732059