BRICS the Major Emerging Economies: Prospects for a Multi-Polar World

Abstract

The world has seen a major shift in the international power structure in the past two decades since 2001, when the term ‘BRIC’ originated. Jim O’Neil, a British economist, coined the acronym ‘BRIC’ in his research paper “Building Better Global Economic BRIC” for the first time. He was of the view that the countries ‘BRIC’ associating Brazil, Russia, India, and China would change the global economic governance. Later in 2010, South Africa’s inclusion in the grouping changed the acronym from BRIC to BRICS. The group of five major emerging economies aims to shape the world order, particularly by restructuring the global governance system and financial institutions. The following research paper attempts to highlight the role of BRICS in international politics and economy. Further, the significance of the study is contributed by the BRICS effective role in weakening the US hegemonic designs in the global order.