Major Sociocultural Trends Shaping the Contemporary World

CHAPTER 5

The Rising Powers: China, Brazil, India, Russia, and South Africa

1. BRICS: The Agreement on Disagreements

2. China

3. Brazil

4. Russia

5. India

6. South Africa

BRICS: The Agreement on Disagreements

The BRICS countries consisting of Brazil, Russia, India, China, and South Africa are large and populous countries that experience fast-expanding domestic markets and benefit from the abundant and affordable workforce. While there has been some slowdown in Russia and Brazil, the BRICS have witnessed remarkable growth rates over the course of the past 15 years between 2002 and 2016. During the last decade, the BRICS countries have enhanced their legitimacy by playing important roles in the world economic system and its institutions including ...