Abstract
Abstract:
Although the ascent of the BRICS and the NDB represents a challenge to the
Western-dominated world order, there is little evidence to suggest that the
BRICS grouping has intentions to overhaul the current global order.
Nevertheless, the decision by the BRICS countries to establish the NDB has not
only underscored the growing institutionalisation of the BRICS grouping, it has
also potentially heralded the emergence of a counterweight to the traditional
international financial institutions. The BRICS grouping is poised to play a key
role in reforming the global financial system and in shaping a new development
agenda. However, the new regime order that will evolve will not necessarily
supplant the Bretton Woods institutions. The degree to which the BRICS
countries will be able to assume a global leadership role will be contingent
upon their willingness and ability to address their domestic socio-economic
vulnerabilities as well as their sometimes conflicting interests and values.