BRIC BY BRIC: THE GROWING DOMINANCE OF THE BRICS IN THE WORLD ECONOMY

The rise of the BRICS nations over the last few years has been nothing short of phenomenal. A direct response to a growing discontent amongst emerging economies with regards to the existing global financial architecture inclusive of the IMF and the World Bank and the need to closely affiliate with fellow developing nations on a similar growth curve; underlines the existential objective of the coming together of the BRICS on an international organizational platform. The establishment of the BRICS and now subsequently the New Development Bank (NDB) signifies the rapid shift in soft power and global influence to these emerging economies; a reality that the developed states are not oblivious to. Amongst the many factors that have been responsible for the growing dominance of the BRICS, there are two that are often not accorded the attention that they merit. Increasing domestic populations driving internal demand and consequently, consumption and increased individual and cumulative investment in R&D at multiple levels have provided the BRICS with an almost palpable competitive advantage in today’s global economic scenario. In essence, the New World Order of emerging nations has arrived and the multiple collaborative initiatives of the BRICS promise to continue to shape the changing international landscape