D. Kondratov. BRICS in the context of global instability: new challenges and development prospects

The large-scale transformation of the global economy that is currently taking place, primarily due to the economic growth of the leading developing countries, lays the foundations for the multipolar world with new centers of power– BRICS countries (Brazil, Russia, India, China and South Africa). Due to their increasing industrial and financial strength, these countries are among the key players in in-ternational markets for goods, services and capital, with significant and some-times decisive impact on their functioning. However, it would be premature to say that in the coming years, the BRICS countries will be able to achieve a bal-ance of power in monetary relations with the United States and the European Union, while overcoming the long-term dominance of the latters in global finance. Achieving such a balance will only be possible. Achieving such a balance will on-ly be possible after the BRICS countries have created large international financial centers that can compete on equal terms with London or New York and their monetary units have become influential reserve assets that can push aside the US dollar and the Euro in servicing global economic relations.

Keywords

BRICS, world monetary system, supranational world currency, gold, exchange rate regime, international monetary fund, regional currencies, international re-serves, global crisis, internationalization of currencies

Received

21.05.2021

Publication date

21.05.2021

Number of characters

48386

Cite

GOST	Kondratov D. D. Kondratov. BRICS in the context of global instability: new challenges and development prospects // Obshchestvo i ekonomika – 2021. – Issue 4 C. 81-104 [Electronic resource]. URL: https://oie.jes.su/S020736760014571-7-1 (circulation date: 23.04.2024). DOI: 10.31857/S020736760014571-7
MLA	Kondratov, Dmitriy "D. Kondratov. BRICS in the context of global instability: new challenges and development prospects." Obshchestvo i ekonomika 4 (2021):81-104. DOI: 10.31857/S020736760014571-7
APA	Kondratov D. (2021). D. Kondratov. BRICS in the context of global instability: new challenges and development prospects. Obshchestvo i ekonomika (4), pp.81-104 DOI: 10.31857/S020736760014571-7

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