BRICS DEVELOPMENT TRENDS IN THE GLOBAL ECONOMIC SYSTEM

BRICS and the Rebalancing of Global Power: The Role of Economic Blocs in Correcting Imbalances in the International System

This study examines the role of the BRICS bloc (Brazil, Russia, India, China, and South Africa) in rebalancing the contemporary international economic system and addressing structural asymmetries in global power. Specifically, it analyzes the evolution of BRICS’ economic influence between 2008 and 2022 and explores possible future scenarios for its impact on the global order. The research adopts a descriptive–analytical approach, complemented by historical analysis and foresight methods, to trace changes in BRICS’ aggregate economic weight, trade patterns, and institutional initiatives—such as the New Development Bank and proposals for de‑dollarization. The findings indicate that BRICS has moved from a loose economic grouping to an increasingly coordinated platform that challenges the dominance of traditional Western-led institutions. The bloc’s growing share of global GDP, trade, and investment flows suggests that it has become a significant counterweight within the international system, with the potential to evolve into an influential pole in a more multipolar world order. However, this transformative potential remains constrained by internal divergences among member states, structural dependencies on existing financial architectures, and geopolitical tensions. The study argues that, if BRICS can mitigate these subjective, objective, and structural challenges, it may contribute to a fairer distribution of economic power, greater representation for the Global South, and more diversified pathways for development finance. These findings have implications for policymakers, international organizations, and scholars of global political economy, as they highlight the need to rethink existing governance structures and to engage more seriously with emerging coalitions that seek to reshape the norms and institutions of the international system.

The Role of Structural Factors in Accelerated Economic Growth and Maintaining Financial Stability

Economic Power in the Age of Geopolitical Competition: CBDCs, Sanctions and Global Power

As we look to the future of intensifying geopolitical competition, economic power has become an increasingly important tool which states are starting to use in order to pursue strategic objectives. Along with the widespread use of economic sanctions, the emergence of Central Bank Digital Currencies (CBDCs) has the potential to transform the global financial system and alter existing power dynamics. This study adopts a qualitative research approach which draws on a comprehensive review of academic literature, reports from international organizations, government publications and policy analyses. It looks into the relationship between CBDCs, sanctions and the international financial system through the lens of economics and international relations while linking these to recent geopolitical developments. The findings of the study suggest that even though sanctions remain one of the ,past influential tools of economic statecraft, the development of CBDCs may gradually reduce their effectiveness by providing alternative payment mechanisms that bypass traditional financial networks. However, the true extent of this change depends on the global adoption of CBDCs, interoperability between digital currencies and the geopolitical influence of the issuing states. Overall, the study concludes that CBDCs do have the potential to reshape the global financial order but their impact will be gradual and contingent upon international cooperation, regulatory frameworks and evolving geopolitical relationships. These findings contribute to a deeper understanding of the intersection between finance, technology and global power in the twenty-first century.

Determinants of industrial growth in BRICS and G7 Countries: A statistical study

Subject. The role of industry in the modern world, the industrial revolution, the formation of competing political blocs. Objectives. Quantitative analysis of the determinants of industrial growth for countries of two major blocs (BRICS, G7). Identifying the priority determinants of industrial growth for Russia. Methods. Mathematical analysis tools were applied. Results. Overall, the broad money supply had a consistently positive effect on industrial production growth. Spending on research and development was the most significant positive factor in China and the US, and significantly positive in the G7 countries. In the BRICS countries, there was a positive and statistically significant link between industrial output and government spending on education. Conclusions. Based on the results of the analysis, it was concluded that it makes sense to use a dual approach. In Russia, within industrial policy, it is important to take into account the specifics of the determinants typical for the BRICS countries, where stimulating monetary policy plays a key role, and to look to the development models of China and the USA, where the leading role is played by the science and technology factor.

China’s impact on the political economy of the Andean Region : a comparative analysis of Bolivia and Peru

The rise of China has been one of the most significant transformations of the global political economy in the twenty-first century. As China’s demand for energy, minerals, and agricultural commodities expanded, Latin America experienced a renewed cycle of export-led growth driven by extractive activities. Bolivia and Peru emerged as two of the countries most deeply integrated into this process, benefiting from rising commodity prices, increasing trade flows, and growing Chinese engagement through investment and finance. Despite these shared structural conditions, however, the two countries followed markedly different development trajectories. This dissertation investigates how China’s renewed economic presence influenced the political economy of development in Bolivia and Peru and seeks to explain why a common extractivist model produced divergent outcomes. The study adopts a comparative historical approach covering the period between 2000 and 2023. It combines quantitative analysis of trade, foreign direct investment, fiscal indicators, and socioeconomic data with qualitative evidence drawn from policy documents, legislation, secondary literature, and elite interviews. The research is situated within the tradition of critical political economy and integrates insights from World-Systems Theory, Dependency Theory, and Geopolitics and Development theory. While the first two approaches provide a framework for understanding the structural position of resource-dependent economies within global capitalism, Political Settlement Theory allows for an examination of how domestic power relations mediate external economic influences. The dissertation argues that China’s influence did not determine development outcomes directly. Rather, its effects were filtered through distinct domestic political settlements that shaped the generation, distribution, and use of extractive rents. In both countries, Chinese demand reinforced commodity specialization and intensified extractivist accumulation. However, differences in state strategies and governing coalitions produced contrasting outcomes. In Bolivia, the commodity boom supported what is conceptualized as a **Redistributive Rentier Settlement**, characterized by strong state intervention, resource nationalism, and the redistribution of rents through social policies. This model contributed to significant reductions in poverty and inequality but also increased dependence on commodity revenues and generated growing macroeconomic vulnerabilities. In Peru, by contrast, a **Stability-Oriented Rentier Settlement** prioritized macroeconomic discipline, private investment, and export competitiveness. This strategy produced sustained economic growth and greater resilience to external shocks but failed to address persistent territorial inequalities and social conflicts associated with extractive activities. The findings demonstrate that China’s rise did not fundamentally alter the structural position of Bolivia and Peru within the global economy. Instead, it reconfigured existing forms of dependency by deepening commodity specialization and reinforcing extractive development. The dissertation contributes to debates on development, dependency, and the political economy of natural resources by demonstrating the importance of domestic political settlements in mediating global economic transformations. It also advances World-Systems Theory by incorporating the role of national institutions and political coalitions in shaping development trajectories. Ultimately, the study argues that sustainable development requires not only favorable international conditions but also political and institutional arrangements capable of transforming resource wealth into diversified and resilient economic structures.

The Formation of China’s Foreign Policy in 1949-1969

International relations are characterized by constant changes on the political stage. New agreements, econom-ic and national interests, changes in governments and regimes – all these factors shape interactions between states. This paper examines the foreign policy of the People’s Republic of China (PRC) during its first two dec-ades, focusing on its variability and adaptation to the realities of the period. The study reveals that at the time of its establishment, the PRC was a key strategic ally of the USSR; however, by the 1970s, it had started coordinat-ing its actions with the United States, emerging as a partner in both political and economic spheres. This rapid shift in political trajectory shaped China’s interactions with the superpowers for the subsequent decades, up to the end of the Cold War. This period is of particular historical interest, as it allows tracking the dynamic evolu-tion of relations among major powers on the global stage and provides an opportunity to analyze the long-term consequences of specific actions taken by individual states in the past.