BRICS a challenge to the US Hegemony
The term BRICs was a connotation given to the emerging economies in 2003 by a Goldman Sach’s report. This is somehow considered as a challenge to the US hegemony in this piece of writing. Taking the transformation of the Group of 7 into the Group of 20 as empirical evidence the US hegemony is no doubt challenged. And the non-existence of the G-7 secretariat also gives proof of its inability to cope with the states being the unitary actors.1 Taking otherwise it is the extension of the executive staff in the decision making body. As more the multilateral a body or an institution is the less powerful states will be given power to vote. The regular meeting of the financial crisis brought the BRICs attention to the global financial governance. Their attention reaps the crop and financial stability forum (FSF) (that was later transformed into the Financial Stability Board; FSB) was established by the West. This can be marked as the power shift from the West to the non- Westerns. This is supported by the statistical data that China overtook Japan in GDP and PPP (Purchasing Power Parity) terms. BRICs GDP rose from 16% to 22%. This is marked as the increase in the economic power. According to Fareed Zakria when the power of a state rises its interests rise as a consequence. Under this umbrella increase in the BRICs power causes to decrease the US power (relative gain).2 In this paper it is explicitly argued that the challengers are more active than the actual factors of the challenge (to the US hegemony). This can be supported by a simple argument that the liberal thesis wants BRICs is to be integrated into the West. If all becomes the ‘West’ then who will challenge whom? Hence the BRICs are not a challenger but new emergent and other emerging countries may also be put in this series. This all is what; Towards globalization! But countries including China are adherents to sovereignty and integrity of state and no one state will give space to erode away its sovereignty, so no globalization can be accepted. If this is so, then definitely rise of one will be fall of the other. This may also lead to another global war. Finally, as the US is reported to have acted unilaterally at many occasions,3 she may act against the BRICs making an issue like environmental and humanitarian etc. To challenge the US hegemony is to win a 3rd world war.