BRICS and Global Restructuring: Notes for the Near Future

• Main Authors: Charis Vlados, Dimos Chatzinikolaou
• Format: Article
• Language: English
• Published: HATASO 2020-05-01
• Series: Management and Economics Research Journal
• Subjects: brics; global restructuring; multipolarity; innovational capitalism; new globalization
• Online Access: https://merj.scholasticahq.com/article/12934-brics-and-global-restructuring-notes-for-the-near-future

The multipolar cooperation between Brazil, Russia, India, China, and South Africa (BRICS) countries seems to be a significant development in the current phase of restructuring of globalization. This article explores the relationship between the emerging radical readjustment of the world hegemony equilibrium with the past and future dynamics of the global socioeconomic system. It examines the relation of the ongoing institutionalization by the BRICS with the established international institutions and the relation of BRICS to the promotion of global economic development. After presenting a structured interpretation of the actual emergence of a “new globalization,” the article focuses on the aspects of BRICS evolution and dynamics that contribute to the discussion of the rise of a more balanced and more democratic multipolar global regime. It notices that multipolar cooperation at the international level should be more democratic as the BRICS claim, although these countries (China and Russia, in particular) face increasing concerns for their liberal rights and democratization domestically. In conclusion, it seems that a new and relatively stable global system now requires a repositioned conception of capitalism as an evolutionary socioeconomic phenomenon, in which innovation is the central and predominant organic process within all organizations.