BRICS and the Contestation of Western Economic Hegemony

Abstract

The international economic order established after World War II has been largely shaped by Western powers such as the US and France through institutions like the International Monetary Fund (IMF) and the World Bank. Despite their contributions to global economic cooperation, the western powers have attracted reproaches over unequal representation, conditional lending practices, and their persistent dominance in global economic decision-making. In response to these, emerging economies such as Brazil, Russia, India, China, and South Africa, who have persistently been demanding for greater participation in global economic decision-making formed an alternative platform – BRICS, with a view to challenging the existing economic order of western hegemony. This study examines the role of BRICS in contesting Western economic hegemony. The study adopts a qualitative research approach and uses a case study design, relying on documentary analysis and existing scholarly debates on global political economy. The study employs Balance of Power theory as theoretical framework to analyse BRICS strategies in promoting alternative mechanisms of global economic governance. The study finds that part of the strategies employed by BRICS in contesting Western economic dominance include: the creation of alternative financial institutions, advocacy for reforms within existing global institutions, promotion of South-South cooperation, expansion of intra-BRICS economic relations, and efforts toward greater monetary and financial autonomy.  The study concludes that BRICS does not represent an absolute effort to dismantle the existing international economic system but rather a combination of resistance, institutional innovation, and reform-oriented engagement aimed at redistributing the global economic power.