BRICS: it makes sense to speak of emerging powers?

Abstract

The “BRICS” concept is now often associated with the idea that Western capitalism is on the wane and that economic power is being “re-balanced” to the benefit mainly of Asia and, particularly, of the big “Emerging Powers” – Brazil, Russia, India, China and South Africa. But the present difficulties and impasses of the BRICS economies are a clear sign that, far from imposing their power or becoming “decoupled” from the Euro-American markets, their future prosperity is still very much dependent on the decisions the Western world is taking to manage the global crisis.