BRICS in the Contemporary Global Economy: Prospects and challenges

Overview

This paper examines the rapid growth of the ’emerging economies’ of the BRICS countries (Brazil, Russia, India, China and South Africa) in the global economic and geo-political arena. It challenges some of the celebration of BRICS’ achievements by highlighting remaining issues within their economies. Even after several BRICS Summits and after establishing Development Banks and an Action Plan for 2012-2016, unresolved issues for the grouping include: large regional disparities; growing inequalities; substantial unemployment; and significant levels of poverty. In looking ahead, this paper concludes that emerging economies should not try to replicate the lifestyles of advanced capitalism, but rather to establish a way to sustainably develop the global South.