BRICS EFFECT ON GLOBAL CAPITALIST ECONOMY
The paper surveys the BRICS’ performance in the world during the last fifteen years. It analyses the economic environment as well as the possibility of rising of a possible new “global power”. The paper presents the statistical data on economic growth, international trade, population and currency reserves of the BRICS. Foreign direct investment shows the group’s performance in the global economy. In political terms, the paper surveys various debates around the BRICS’ possibility to counterweight and replace the western hegemony in face of global institutes like the World Bank and the International Monetary Fund by its recent implications such as the Bank of BRICS and the Contingency Reserve Arrangement. Lastly, the article concludes that the BRICS have a great potential and opportunity to perform as a leader in the global scene while some inner differences and tough ties with the western world do not let the group to accomplish the mission.
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