The BRICS And Their Impact On The International System:Equity, Development, And Mutual Benefit

The BRICS are a group of emerging economies that are being discussed to a great extent by policy makers and academics alike, especially in light of relative US decline and forecasted loss of its influence in regions with strong economic players. This organization came together in the wake of the 2008 global financial crisis, as members are unhappy with their underrepresentation in the major international financial institutions-the IMF and World Bank, which also attach conditions to their funds, an action seen by the BRICS as one which infringes on a nation’s sovereignty. The BRICS seek to increase their voice in a world where over 40% of the world’s population lives in these five countries. Recently, the BRICS New Development Bank was formed and it seeks to partner with other developing countries in Africa and Asia to provide them with funding for infrastructure projects. This paper will analyze the conditions that led to the formation of the BRICS, e.g. the Bretton Woods institutions and the West’s control over them, then introduce the BRICS member nations along with their joint statements and actions. The BRICS New Development Bank will also be discussed, which leads into an in-depth study of how the BRICS will influence the international system in many different areas, including global governance, global health, resource security, the monetary system, and Africa. I conclude that the BRICS will have a positive impact on the world-increasing democracy in premier institutions such as the IMF, WB, UN, and WTO, while partnering with developing countries to solve worldwide problems such as access to healthcare, the fight against poverty, climate change, and more. Furthermore, I refute suspicions that the BRICS is a rogue organization of countries that don’t fit the status quo, seeking to usurp the present system.