Analyzing the Economic Development Strategy of Emerging BRICS Powers: Future Prospects

Analyzing the Economic Development Strategy of Emerging BRICS Powers: Future Prospects
Authors: Milad Mansouri, Mashallah Heydarpour
Corresponding author: Mohammad Torabi
Journal: Global Policy (Siyasat-e Jahani)
Issue: 39
Year: Spring 1401 (2022)

Article introduction
This article examines the economic development strategy of BRICS countries and their position in the global economic order. The main focus is on assessing the relative compatibility of BRICS’s development policies with Rostow’s stages of growth and forecasting the group’s future role in the global economy and politics.
The study addresses BRICS as an emerging economic and political power in the international system and shows that the group, by creating new monetary and financial institutions, seeks to counter Western dominance and reduce dependence on existing economic structures. BRICS’s development policies are based on exploiting domestic resources, leveraging external economic and political opportunities, expanding trade, and aligning economic and human indicators, with the goal of designing an alternative economic system to liberal Western capitalism.
The findings show that BRICS, through rapid economic growth and geopolitical influence, is challenging Western political and economic hegemony, although cohesion and coordination among members remain limited. The authors argue that with continued consultation and cooperation, BRICS can evolve into an influential economic and political pole. Some members—such as Brazil, India, and South Africa—prefer to retain their market-based, capitalist economic systems and adjust their development strategies according to domestic and global realities. BRICS’s ultimate goal is to establish an independent, alternative economic system to counter liberal capitalism and Western dominance at the global level.