The BRICS are not only poor competition for the West, the greater risk is many will become so economically and politically chaotic that they will destabilize the entire world
Since the beginning of the war in Ukraine, there has been much talk about the so-called BRICS countries forming an alternative to the global economic order. Some fear, and some gloat, that the financial hegemony of the Western industrialized countries is coming to an end. They say the importance of the U.S. dollar and to some extent the euro, which have been dominant in international commerce, will be replaced by some alternative championed by the BRICS countries.
Arguably, India is the only BRICS country whose outlook appears better than it did in 2001. However, at a GDP per capita of about US$2,500, India remains a poor country. It is growing but has a long way to go. It also continues to have issues with Khalistani separatists and Islamists, both internally and on its borders. I remain cautiously optimistic about India, but its future is with the wealthy industrialized countries of the West and Asia and not the relatively poor BRICS countries.
between its Black and white citizens is large, and many white people are likely to emigrate in the next few decades. One-fifth to one-quarter of South Africans live in extreme poverty. One-third of the labour force is unemployed. Although Russia and China are serious geopolitical adversaries, they are no threat to the Western financial order. Our threats internally dwarf external ones.
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