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BRICS has transitioned from concept to international reality, including the important contribution of a new development model. The BRICS countries have changed development assistance to developing countries by basing it on their own experiences of development, aid and growth. The BRICS countries share similarities in this experience as well as national specificities and differences. The model shows that trade and business investments assist growth and encourage horizontal partnerships between countries. BRICS has created new financial institutions (e.g. development and infrastructure banks) to cater to specific development needs where the BRICS countries can call the shots. The efficacy of these financial institutions and BRICS as an economic and political grouping will play out in the coming decades.
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- Looking Across BRICS: An Emerging International Development Agenda?
- Palgrave Macmillan UK
- Chapter 8
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