From the Warsaw Pact to BRICS: The Shift in Global Power Play
"We should help reform global governance to make it more just and equitable, and bring to the world more certainty, stability and positive energy". — Xi Jinping, BRICS Summit 2023 The rise of BRICS (Brazil, Russia, India, China and South Africa) represents a profound shift in the dynamics of global governance, moving away from a world order dominated by Western institutions to a more multipolar world system. BRICS acts as a platform for emerging economies to voice their concerns and challenge the existing global governance structure, particularly the dominance of the US dollar in the international financial system. THE WARSAW PACT’S LEGACY In the wake of World War II, the world sharply became divided into two — the capitalist West led by the USA and the communist bloc led by the Soviet Union. As NATO (North Atlantic Treaty Organization) gained strength in the West, the East responded with the formation of the Warsaw Pact in 1955. It was a military alliance created as a cou...