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BRICS’ Enlargement: Power Expansion or Contraction in a Changing World Order?

Pádraig Carmody
CESifo, Munich, 2024

EconPol Forum 25 (1), 14-17
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  • The BRICS’ expansion should be seen in the context of an ongoing challenge to the international order in general, and the West’s competition with China and Russia in particular
  • China views the current difficulties of the liberal international order as a moment of “strategic opportunity,” prompting it to try to create new alliances to garner support as its economy stumbles and it experiences geopolitical pushback
  • Given that oil remains central to the functioning of the world economy, the admission of new major producers into the bloc will potentially advance the members’ energy security and de-dollarization agendas
  • Whatever coherence the group had will now be further diluted, making the achievement of consensus more difficult
  • This may be the first of further rounds of enlargement, depending on how this one plays out

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