THE ROLE OF EMERGING ECONOMIES IN SHAPING GLOBAL ECONOMIC POLICIES: THE BRICS NATIONS

Abstract

This study examines the evolving role of BRICS (Brazil, Russia, India, China, and South Africa) in global economic governance, especially in light of recent membership expansions. The BRICS nations represent a significant portion of the world’s population and economic output, challenging traditional economic powers such as the United States and the European Union. Through a comprehensive analysis of theoretical frameworks, historical context, and case studies, this research highlights the collective impact of BRICS on international institutions, particularly the World Trade Organization and the New Development Bank. The findings emphasize the necessity for traditional powers to adapt to the changing dynamics introduced by emerging economies, advocating for a more inclusive global
economic governance model. The paper also identifies gaps in the literature regarding the long-term effects of BRICS initiatives and the implications of new member states on the bloc’s influence.