International Political Economy | BRICS

Running head: INTERNATIONAL POLITICAL ECONOMY
International Political Economy
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INTERNATIONAL POLITICAL ECONOMY1
Executive Summary
The BRICS has been the group that has been developed for the improvement of the
world economy. It has been developed by five countries Brazil, Russia, India, China and
South Africa. The countries have decided to improve the economic condition of the countries
with the development of a relationship with the countries.
There have been changes observed in countries like India. It played an active role in
the development of India. It has acted as the major promoting goals for economic growth and
build in relation with various countries. Especially for India, it has been a platform to develop
a relationship with countries like Latin America, African and Asian Countries.
BRICS has helped the countries to develop a strong objective to meet the needs of the
people within the next coming years. The countries have been witnessed developing in the
last few years with great changes in the economical style of the countries.
The paper is based on the understanding of BRICS and its impact on the economic
condition of the countries. The paper has a description of the areas wherein BRICS have
helped develop in the country on the other hand what are the areas that BRICS needs to
develop. There has been a list of the challenges that have been faced by BRICS.

INTERNATIONAL POLITICAL ECONOMY2
Table of Contents
Introduction................................................................................................................................3
Discussion..................................................................................................................................4
Analysis of the Countries Involved and Group Itself.................................................................4
Study what has been accomplished by the group, and what has been left undone....................7
Is There Still a Case to be Made for BRICS..............................................................................8
Conclusion................................................................................................................................13
Reference List..........................................................................................................................14
Bibliography.............................................................................................................................16

INTERNATIONAL POLITICAL ECONOMY3
Introduction
The term BRICS is a short form of the first letter of the countries that formed the
BRICS group that are Brazil, Russia, India, China and South Africa. The group has been
developed in the year 2001 with the chairman as Goldman Sachs and the assistant manager as
Jim O’Neill (Akhmadeev et al., 2018). The five major emerging countries have developed the
group to meet the rising economic crisis of the world. The countries have come together to
develop a forum that encourages independent international organisation that are capable of
encouraging political, commercial, cultural related cooperation among the different countries,
which was shaped in the year 2011 (Alper, 2018). The countries that have developed the
group are the rising countries that have a significant and impactful impact on the different
kinds of global along with regional affairs. In the year 2015, Russia has holed the chair of the
group hosting the summit of the year. The group has been developed for maintaining a
healthy relationship with the countries that have joined hands together to develop the group.
Before the introduction and implementation of South Africa, the group was known as
BRIC, which was based on the name of the names of the other countries. It acted as
machinery that helped the countries to converse, seek help, identify areas that will help in the
improvement of the cooperation of the countries and exchange opinion. The group has been
developed for challenging the IMF (International Monetary Fund) of US supremacy and
Alternatives to the world Bank (Arrive, & Feng, 2018). The paper will help in the
understanding of the countries and their relationships with each other, which helps in playing
an appropriate aspect in the development of the world economy. The group has a plan for
managing the different kinds of needs of the world within 2030; the group has established
several developments in the past year that have been mentioned along with the things that
need to be performed by the group (Cui, Jiao, & Jiao, 2016). The paper has also portrayed the