BRICS’s Economic Power as an Alternative to the Western Liberal Economy

BRICS’s Economic Power as an Alternative to the Western Liberal Economy
Authors: Ali-Akbar Jafari, Mehrdad Fallah
Journal: Politics Quarterly (Faslname-ye Siyasat)
Volume: 48
Issue: 1
Publication date: Khordad 1397 (May–June 2018)

Article introduction
This article examines BRICS as an emerging economic alliance in the international system. Using an explanatory approach, it analyzes BRICS’s efforts to offer an alternative to the Western liberal economy and to influence global political and economic dynamics.
The findings show that BRICS, by creating institutions such as a development bank and strengthening economic cooperation among its members, seeks to challenge Western trade and financial dominance and reduce dependence on Bretton Woods institutions (the World Bank and the IMF). Through its economic alliance, BRICS has played a meaningful role in shaping the international order and enhancing member states’ economic standing, positioning itself as an economic alternative to the liberal Western system.