ABSTRACT
The original designation of Brazil, Russia, India and China as the 'BRIC' countries was the idea of a Goldman Sachs economist in 2001 to promote the four growing economies as promising investment opportunities for global investors. Theories of international relations, such as world system analysis, power transition theory, the theory of hegemonic war and the long cycle theory, predict that the rising powers will challenge the predominant order. In order to make a partnership with these four states, the West has to be prepared to reform the international order. Brazil, China, India and Russia are already among the 10 largest shareholders in the International Monetary Fund (IMF) but BRICS countries control only 14.4 per cent of the votes in the IMF, while the EU and the US control 29.3 per cent and 16.5 per cent respectively. The diversity within BRICS makes it possible for the US or the North Atlantic axis to divide BRICS and continue to rule the world.
