BRICS’ Enlargement: Power Expansion or Contraction in a Changing World Order?
Citation:
Carmody, P., BRICS’ Enlargement: Power Expansion or Contraction in a Changing World Order?, BRICS Enlargement - What Are the Geoeconomic Implications?, EconPol Forum, January Vol. 25, 2024Download Item:
Abstract:
The BRICS’ expansion should be seen in the context
of an ongoing challenge to the international order in
general, and the West’s competition with China and
Russia in particular
■ China views the current difficulties of the liberal
international order as a moment of “strategic opportunity,”
prompting it to try to create new alliances
to garner support as its economy stumbles and it
experiences geopolitical pushback
■ Given that oil remains central to the functioning of
the world economy, the admission of new major producers
into the bloc will potentially advance the members’
energy security and de-dollarization agendas
■ Whatever coherence the group had will now be
further diluted, making the achievement of consensus
more difficult
■ This may be the first of further rounds of enlargement,
depending on how this one plays out
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Author: Carmody, Padraig
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