In 2006, the acronym “BRIC” was coined to represent the four countries: Brazil, Russia, India, and China. These nations have a shared recent history of rapid socioeconomic growth and are projected mainly as potential dominant players in 21st-century global economics. South Africa joined the group in 2010, transforming it into “BRICS.” The group aims to challenge wealthier nations’ political and economic dominance in North America and Western Europe, seeking to give emerging economies a greater voice and representation in global geopolitics. It advocates for reforms in the operational structures of global institutions like the International Monetary Fund (IMF) and the World Bank…Read more