Anyone here familiar with BRICS?
Here's a wonderful description from DW (a German public-state owned news agency):
The article further goes on explaining how this cooperation is becoming an alternative to the Western financial system:
Now, I was thinking that these nations didn't stand a chance against the G7 nations(a grouping of seven of the world's advanced economies), but this CNN report along with recent economic events (bank failures, increasing debt, etc.) is leading me to question that:
For Debate:
1. Is BRICS a good alternative to the West in any way?
2. Will the West, or the United States in particular, lose its influence in any significant way?
3. What are some of the causes for that? Is it good or bad that the West loses influence?
Here's a wonderful description from DW (a German public-state owned news agency):
Although the article mentions that these nations are no longer considered the fastest growing economies, but what is increasing are the cooperations between these nations.The acronym began as a somewhat optimistic term to describe what were the world's fastest-growing economies at the time. But now the BRICS nations — Brazil, Russia, India, China, South Africa — are setting themselves up as an alternative to existing international financial and political forums.
But what may have started as a marketing ploy to encourage investors has grown into a platform for intergovernmental cooperation similar to the G7. In 2009, the four nations met for their first summit in Russia's Yekaterinburg. In 2010, South Africa was invited to join the group, adding the "S" to BRICS.
The article further goes on explaining how this cooperation is becoming an alternative to the Western financial system:
In 2014, with $50 billion (around €46 billion) in seed money, the BRICS nations launched the New Development Bank as an alternative to the World Bank and the International Monetary Fund. In addition, they created a liquidity mechanism called the Contingent Reserve Arrangement to support members struggling with payments.
These offers were not only attractive to the BRICS nations themselves, but also to many other developing and emerging economies that had had painful experiences with the IMF's structural adjustment programs and austerity measures. This is why many countries said they might be interested in joining the BRICS group.
The BRICS bank is open to new members. In 2021, Egypt, the United Arab Emirates, Uruguay and Bangladesh took up shares. However, these were much lower than the respective $10 billion investments made by the bank's founding members.
South African Foreign Minister Naledi Pandor has said worldwide interest in the BRICS group was "huge." In early March, she told television interviewers that she had 12 letters from interested countries on her desk.
"Saudi Arabia is one," she said. "United Arab Emirates, Egypt, Algeria, and Argentina," as well as Mexico and Nigeria.
Now, I was thinking that these nations didn't stand a chance against the G7 nations(a grouping of seven of the world's advanced economies), but this CNN report along with recent economic events (bank failures, increasing debt, etc.) is leading me to question that:
A trove of leaked classified Pentagon documents highlight US anxieties over growing Chinese and Russian influence in Latin America and Africa.
Senior Biden administration officials have expressed concern about Russian and Chinese influence in Africa and elsewhere, which can take the form of arms sales, infrastructure projects or media campaigns.
For Debate:
1. Is BRICS a good alternative to the West in any way?
2. Will the West, or the United States in particular, lose its influence in any significant way?
3. What are some of the causes for that? Is it good or bad that the West loses influence?
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