The Future of BRICS and Its Strategic Impact on the Global Monetary and Financial Order Article type: Research Authors: Hossein Ahmadi, Mehdi Riazi Journal: Defense Economy and Sustainable Development Quarterly Volume: 8 Issue: 29 Date: Azar 1402 (Decembe

The Future of BRICS and Its Strategic Impact on the Global Monetary and Financial Order
Article type: Research
Authors: Hossein Ahmadi, Mehdi Riazi
Journal: Defense Economy and Sustainable Development Quarterly
Volume: 8
Issue: 29
Date: Azar 1402 (December 2023)

About the article
This article examines the potential role of BRICS in reproducing or transforming the global monetary and financial order—a system that, in recent decades, has been dominated by the US dollar, SWIFT, and institutions such as the IMF and the World Bank. The authors argue that the unequal governance of these Western-centric institutions has generated widespread dissatisfaction among developing countries and paved the way for alliances such as BRICS.
Using library and field methods, as well as interviews and questionnaires, the study evaluates the political and economic capabilities of BRICS. The results show that BRICS has the capacity to become an influential economic bloc in the global order; however, realizing this status requires overcoming challenges such as economic heterogeneity among members, the absence of an independent payment system, and weaknesses in financial institution-building.
The article concludes that, if joint monetary and financial institutions are strengthened and initiatives such as monetary unions and independent international payment systems are advanced, BRICS can play a moderating role against Western financial hegemony and, in the long run, influence decision-making structures in the global monetary system.