Block, Siteadmin, SkipCaptcha, Upload, Automoderated users, delete, edit, move, nsTeam2RO, nsTeam2RW, nsTeam2_talkRO, nsTeam2_talkRW, protect, rollback, Administrators, template
293,562
edits
Changes
Jump to navigation
Jump to search
Line 1:
Line 1: − {{Merge|BRICS}}+ − The '''Brick nations''' or '''BRIC nations''' are countries which are in today's [[economy]] not considered [[core nations]] but whose economies are growing at a very rapid rate. Among these secondary countries are usually included [[Brazil]], [[Russia]], [[India]], and [[China]], hence the acronym "BRIC". See also: [[BRICS+]]+ − == First Summit ==+ − + − == See also ==+ − * [[Core nations]]+ + + + + + + + + + + + + + + + + + + + + + + + +
no edit summary
[[File:New Development Bank HQ Shanghai.jpg|right|300px|thumb|BRICS’ New Development Bank headquarters in Shanghai.]]
'''BRICS''' is an acronym that refers to the developing economies of [[Brazil]], [[Russia]], [[India]], [[China]], and [[South Africa]]. In 2022 the BRICS group surpassed the [[G7]] of [[Western alliance|Western aligned]] nations in their share of contributions to world [[GDP]]. In August 2023, [[Argentina]], [[Egypt]], [[Ethiopia]], [[Saudi Arabia]], [[Iran]], and the [[United Arab Emirates]] (UAE) formally were admitted to BRICS+. The '''BRICS+''' or '''BRICS 11''' group represents 36% of world GDP, 47% of the world's population, and control's 80% of the [[oil]] production on [[Earth]].
[[Algeria]], [[Türkiye]], [[Indonesia]], [[Kazakhstan]], [[Bahrain]], [[Nigeria]], [[Senegal]], [[Thailand]], [[Nicaragua]], and [[Afghanistan]] have expressed interest in joining. Even the [[Vatican]] has sought membership as an observer.
The first summit of the BRIC nations was held in Yekaterinberg, once an industrial jewel of the [[Soviet Union]]. One of the conclusions of this summit is that the [[United States]] and the [[European Union]] hold a disproportionate amount of [[power]] and that there should be a new multinational entity like the [[United Nations]] but with increased representation for these emerging economies.
BRICS leaders are aligned as anti-[[corporatist]] and anti-[[fascist]], which simply means they want to make decisions themselves, and do not want [[multinational corporation]]s to become more powerful than the government. The BRICS group are essentially the opposing element to the [[World Economic Forum]]. BRICS is working to devise measures to prevent the kind of predatory [[military]] assaults the [[U.S.]] carried out against [[Iraq]], [[Libya]], [[Somalia]], [[Yemen]] and [[Afghanistan]]. The BRICS group is essentially a group of nations that do not want corporations and multinational banks running their government. BRICS countries want their government running their government, whatever form of government that exists in their nation, even if it is [[communist]].
BRICS is not a [[free trade]] bloc, but members do coordinate on trade matters and have established a policy bank, the New Development Bank, (NDB) to coordinate infrastructure loans. That was set up in 2014 in order to provide alternative loan mechanisms from the [[IMF]] and [[World Bank]] structures, which the members had felt had become too US-centric. 132 nations had been calling on the [[United Nations]] for a new financial model, immediately saw hope in the BRICS alternative banking and financing initiatives which began to take shape in 2015. Within the first year, 57 countries formally joined the China-led Asian Infrastructure Investment Bank (AIIB), constituting the first total break from the [[Western alliance|Western]] [[Bretton Woods]] institutions which were felt to impose [[political]] reform policies designed to assist the [[United States]] in return for providing loans. There are many other non-members who enjoy limited banking privileges, including the [[UK]], [[France]], [[Germany]], [[Italy]], [[New Zealand]] and [[Australia]]. Both the NDB and AIIB banks are Triple A rated and capitalized at US$100 billion. The NDB bank shares are held equally by each of the five BRICS members.<ref>[http://www.thebricspost.com/china-india-russia-largest-shareholders-in-china-led-bank/ China, India, Russia largest shareholders in China-led bank], ''The BRICS Post'', June 29, 2015.</ref>
While the Western nations de-industrialize and convert to so-called "green energy", the [[Global South]], led by the BRICS+ nations will continue to grow using traditional [[coal]] and [[fossil fuel]]s. De-industrialization and so-called "alternative energy sources" in [[the West]] has a negative impact on [[inflation]], [[food]] and energy prices, and living standards. However living standards in the Global South and BRICS+ nations are expected to continue rising.
In 2022 BRICS outpaced the [[G7]] in total GDP output. In total, the BRICS grouping as it currently stands accounts for over 40% of the global population and nearly a quarter of the world's [[GDP]]. The GDP figure is expected to double to 50% of global GDP by 2030.{{Fact}}
==Origins==
The name BRICS comes from an acronym for Brazil, Russia, India, China, and South Africa. [[Goldman Sachs]] economist Jim O’Neill reportedly coined the term BRIC (without South Africa) in 2001 and the group was set up a few years later using the acronym.
The first summit of the BRICS nations was held in 2009 in Yekaterinberg, east of the [[Urals]] in the Russian Federation. One of the conclusions of this summit is that the [[United States]] and the [[European Union]] hold a disproportionate amount of [[power]] and that there should be a new multinational entity like the [[United Nations]] but with increased representation for these emerging economies.
==Impact of Russian sanctions==
{{See also|Russian sanctions}}
The United States responded to the Russian intervention in [[Ukraine]] by using its control over the international banking system to slap sanctions on [[Moscow]]’s financial assets around the world, including freezing billions of dollars in banks in [[New York]]. By one estimate, $1 trillion in Russian assets were frozen and Russian banks were also denied access to the [[SWIFT]] global messaging service that connects financial institutions and facilitates rapid and secure payments.<ref>[https://www.cnn.com/2022/03/01/business/russia-economy-sanctions/index.html# The West’s $1 trillion bid to collapse Russia’s economy], Analysis by Charles Riley, [[CNN]] Business, March 1, 2022.</ref> [[Washington, D.C.|Washington]] subsequently announced that the frozen money would not be returned and would be instead used for Ukraine's reconstruction. That set off warning lights all around the world, though there had already been similar behavior on the part of the US in relation to Iranian and [[Venezuela]]n assets. There is particular resentment throughout much of the developing world of US attempts to use primary and secondary sanctions to coerce countries that are disinclined to do so into supporting the [[NATO]] war effort in Ukraine.
==See also==
*[[Belt and Road Initiative]]
*[[Shanghai Cooperation Organization]]
*[[Eurasian Economic Union]]
*[[Collective West]]
==References==
{{reflist}}
==External links==
*[http://infobrics.org/ BRICS Information Portal]
*[https://www.wnd.com/2023/09/brics-alliance-really-threat-u-s-hegemony/ Commentary by Scott Lively]
[[Category:Economics]]
[[Category:Economics]]
[[Category:International Relations]]