Has BRICS given up on challenging Western economic dominance? | Politics
Economic Relevance of BRICS in Question, Says Its Architect
Jim O’Neill, the economist who coined the term “BRIC” 25 years ago, has raised concerns regarding the waning influence of the BRICS coalition, consisting of Brazil, Russia, India, China, and South Africa.
Once viewed as a significant effort to challenge the dominance of the United States dollar and Western financial institutions such as the World Bank, the G7, and the International Monetary Fund (IMF), BRICS now faces complexities arising from differing political agendas among its members, O’Neill contends.
As a member of Britain’s House of Lords, O’Neill discussed these challenges during an interview with Steve Clemons. He suggested that U.S. economic policies may contribute to a decline in its global standing, coinciding with the economic progress of both China and India.
The comments come amid ongoing debates about the future trajectory of BRICS and its ability to maintain relevance in a rapidly changing global economy.
