The Impact of the BRICS Countries on Africa’s Socioeconomic Development in the Post-Cold War Era
The post-Cold War era has seen an evolution of new players in global politics-notably Brazil, Russia, India, China, and South Africa-which came to be known as the BRICS countries. Their inﬂ uence is evident in the political economy, trade, investment, and decision-making spheres; in international bodies; and in the aff airs of other countries beyond their continents. The term BRICS, coined by the ﬁ rm Goldman Sachs in 2001, reﬂ ects the changes of the post-Cold War era that compelled developing countries to begin working together as an economic bloc and thus to counter the monopoly of the western European countries in the global economy. Although such collaborations can be traced back to 2001, the ﬁ rst formal summit of the BRICS countries took place only in 2009, in Russia, to rival the inﬂ uence of the G8 countries.