The Rise of the South: Can BRICS Weaken the Dominance of the IMF and World Bank?
BY RAMZY BAROUD
Photograph Source: Sintegrity – CC BY-SA 4.0
Who would have expected that the BRICS nations could rise as the potential rival of the G7 countries, the World Bank and the IMF combined? But that once seemingly distant possibility now has real prospects which could change the political equilibrium of world politics.
BRICS is an acronym for Brazil, Russia, India, China and South Africa. It was supposedly coined by the Chief Economist of Goldman Sachs in 2001, as a reference to the world’s emerging economies. It was then known as BRIC, with the ‘S’ added later, when South Africa formally joined the group in 2010.
BRIC’s first official summit took place in 2009. Then, the discussion seemed largely abstract. However, not until 20...
