Can somebody explain what’s the big deal with this rivalry? Like people are saying that BRICS has already passed up the G7 in (insert certain metric here) and that’s before they add on all these new countries. Like why can’t the G7 just add another dozen european/asian countries, Australia, etc.? Why is everybody going crazy?
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There isn’t a rivalry (not yet, anyway). The G7 is a group of the world’s large, wealthy, and democratic countries. Because of how powerful these countries are, decisions made by them together can have a large impact on the rest of the world.
BRICS is a group of large, but developing, countries. The term BRIC (without the “S”) was created in 2001 by a Goldman Sachs economist to describe a group of countries who he thought would see huge economic growth and dominate the world starting in 2050 or so. A few years later, these countries decided to start having formal meetings.
Recently, the leader of China said he wants BRICS to become a new G7: a small group of powerful countries that can influence the world by working together.
(My opinion below)
It’s unlikely that BRICS will get there anytime soon. Their economies didn’t grow as much as predicted in the early 2000s and American power (economic and political) hasn’t declined as much as people predicted. Also, the G7’s members have a lot in common and have similar goals and ideals. The BRICS, especially if they add the six new members will be much more diverse, making it more difficult for them to act as one.
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