Can BRICS finally take on the West?

An article by the Foreign Policy on BRICS presents a nuanced exploration of the bloc's potential to challenge Western dominance and reshape the global order. It highlights several key themes and tensions within BRICS, particularly regarding its diverse membership and the divergent motivations of its members.

The piece begins by tracing the origins of BRICS, which was initially a term coined by investment banker Jim O'Neill to denote emerging economies. Over time, it has evolved into a platform for countries seeking to assert their influence against Western hegemony. The recent inclusion of Iran, Egypt, Ethiopia, and the UAE signals a desire for broader representation and an opportunity to create a multipolar world.

BRICS includes a mix of political systems and economic strengths, from India to Russia and China. This diversity is both a strength and a potential weakness, as members have varying priorities. While there is a shared interest in opposing Western dominance and the US dollar's centrality, the actual political dynamics within BRICS remain complex. The piece suggests that while Russia and China push for a more anti-Western stance, countries like Brazil and India are more cautious, preferring a nonaligned approach.

The authors articulate a widespread discontent with Western hypocrisy and dominance, noting that many countries in the Global South resent the existing international order. This discontent unites BRICS members, who seek greater sovereignty and reform in global governance institutions like the UN and IMF. The call for an alternative to the dollar reflects a broader ambition to create a more equitable global financial system.

Despite shared grievances against the dollar's dominance, the piece underscores significant challenges to achieving a viable alternative. The authors point out that while some BRICS nations advocate for reduced reliance on the dollar, the realities of international trade and finance make this aspiration difficult. The US dollar remains deeply entrenched in global transactions, and most emerging economies depend on it for trade and stability.

A central tension arises around China's ambition to expand the use of its currency, the renminbi, as an alternative to the dollar. The piece warns that if the only serious alternative to the dollar is the renminbi, this could lead to a new kind of dominance—one where China assumes the role of a hegemonic power previously held by the US. This raises questions about whether BRICS can truly create a multipolar world or if it will merely replace one form of dominance with another.

The authors conclude that while BRICS has made strides in promoting an alternative global order, significant obstacles remain. The bloc’s members must navigate their differences and align their objectives if they are to forge a credible alternative to the existing system. The underlying philosophical issue of whether to challenge dollar dominance by empowering China is crucial for BRICS' future direction.

Overall, the article provides a thoughtful analysis of BRICS, balancing optimism about its potential with caution regarding its internal dynamics and the complexities of global finance. It highlights the significant challenges the bloc faces in its quest to redefine the global order while emphasizing the divergent interests of its members.

By Vafa Guliyeva