Key Question: What are the BRICS?

The term ‘BRICS’ was first coined by Jim O’Neill, head of global assets management for Goldman Sachs, in 2001, to refer to an emerging group of states (Brazil, Russia, India and China) whose economies had, since the end of the Cold War, demonstrated enormous potential for economic growth. Many academics believe that their rise is one of the most significant developments since the end of the Second World War, and this has led to the belief that the old order, dominated by the great powers of 1945, is ending and that the international system is evolving into one characterised by genuine multipolarity.]