Question

The emergence of the BRICS (Brazil, Russia, India, China, South Africa) countries has the potential to most likely

Answer 1

The correct answer is C) reduce the economic hegemony of the global north.

The emergence of the BRICS (Brazil, Russia, India, China, South Africa) countries has the potential to most likely reduce the economic hegemony of the global north.

For many years the northern hemisphere nations such as Western Europe, the United States, and Canada have dominated trade and the economic world in general.

However, experts have considered that the advent of the BRICS (Brazil, Russia, India, China, South Africa) can represent an important block to seriously compete with those northern hemisphere powers due to the size of their markets and cheap labor.

Although those BRICS countries have interesting numbers in Macroeconomy, they still have very poor people that in Microeconomics that contrasts the Macroeconomy scenario.