Brazil, Russia, India and China are booming whilst many other countries are struggling economically, or even crashing.
When their leaders recently convened in Brasilia for their second BRIC summit, they all underlined their commitment to a more democratic global governance.
Although BRIC started life as just a clever acronym dreamt up by a Goldman Sachs economist, it might be time to start getting accustomed to hearing about BRIC in its fullest political expression.
According to some, these four countries could – in around two decades – become the dominant powers in the world.
United by pragmatism, realism, and indifference to Western dominance, BRIC aims to chart its own course in the world.
Considering that they already make up 40 per cent of the worlds population, 26 per cent of its territory, and over 15 per cent of its GDP, it might already be time to pause and pay attention.
As Western power and alliances wane, and their neo-liberal, capitalist model is questioned after the recent financial meltdown, some in the developing world have formed a powerful bloc that begins to chart a future multi-polar world.
Beyond acting as a generous host, President Lula’s Brazil played a major role in expanding BRIC’s role in various multilateral international groupings.
Whether it is the United Nations or the IMF, Brazil is leaving its imprint both individually and through its grand coalitions.
Will the emerging powers change the way the world works, or merely grab a bigger share of it? And what future for Brazil on the world’s summit? These are some of the questions we try to answer in our April episode.
Empire examines the forces already shaping a new world order.