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

Abstract

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.