BRICS and the Redefinition of the Balance of Power

Abstract

The BRICS alliance was formed with the strategic objective of reshaping the global order by transitioning from a unipolar to a multipolar system. Composed of economically developing nations seeking a more active role in international affairs, BRICS aims to create a global environment in which developing and less-developed countries can play a more influential role in global governance. Due to the economic weight of its members, the organization has attracted interest from other countries wishing to join and participate in shaping global developments.

A primary goal of BRICS is to reduce the dominance of the U.S. dollar as the main currency in global transactions. Instead, the bloc advocates for the use of national currencies and alternative financial mechanisms to promote a more diverse economic system. Despite facing significant challenges—including U.S. military supremacy and political and economic disparities among its members—BRICS has managed to substantially expand its economic and political influence.

In pursuit of diminishing U.S. financial hegemony, BRICS has taken major steps to become more independent of Western-dominated institutions such as the International Monetary Fund and the World Bank. These actions directly contribute to BRICS’s larger objective of establishing a multipolar and diversified global order.

Although the world appears to be moving toward a multipolar structure, BRICS must address internal challenges and achieve effective consensus among its members to fully realize this goal. If successful, the organization could usher in significant changes to the international system with broad economic and political implications.