Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Read the scenario below before answering the questions that follow. The BRICS nations (Brazil, Russia, India, China, and South Africa) recently captured the imagination of

Read the scenario below before answering the questions that follow.

The BRICS nations (Brazil, Russia, India, China, and South Africa) recently captured the imagination of the international community when they held the 15th BRICS Summit in Sandton. The most notable takeaway from the summits Johannesburg Declaration was the resolution to expand the membership of BRICS by six more nations effective from January next year. The six new members are Argentina, Saudi Arabia, Iran, the UAE, Egypt and Ethiopia. The move sparked great debate in geopolitical circles. The identity of the new members, the total number of additions, what they bring to BRICS, the growing global impact and effect of BRICS Plus place BRICS at the centre of international speculation about the role of the organisation in geopolitics. It is a home for the bulk of the relatively less-developed nations of the global south. China, Russia, and India are regarded as the mainstay of the new, emerging international world order. The inclusion of the key oil-producing countries in BRICS Plus is seen as a stroke of genius. Already, following the expansion of the bloc from only five to 11 members, BRICS Plus is home to countries responsible for the production of a whopping eighty percent of the worlds oil output. Not only that: BRICS Plus has been rather vocal about the so-called de-dollarisation process. This is a move where all members have resolved to dump the US dollar as a preferred currency when transacting among and between the BRICS Plus members. Moves are afoot to establish a new counter currency to the US dollar that can be unleashed in the international markets as a new alternative of preference.

1.1. The BRICS members (existing and new) comprise of different political systems. Discuss the different political systems and provide an example of each from the current and new BRICS members. (23)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Management

Authors: Andrew J DuBrin

10th Edition

0996757872, 9780996757874

More Books

Students also viewed these General Management questions

Question

What courses does he/she teach?

Answered: 1 week ago

Question

Go, do not wait until I come

Answered: 1 week ago