The BRICS (Brazil, Russia, India, China, and South Africa)

BRICS
Name
Institutional Affiliation
Introduction
The international development of various countries usually depends on the contribution of international bodies such as the European Union or the United States being involved directly I the funding of these development programs. Most of the major projects that have taken place in the developing nations have been funded by them. The two bodies have even contributed manpower to some extent in making these programs work. This created a monopoly of aid services by the two organizations in funding development programs in different developing countries. However, the emergence of Brazil, Russia, India, China and South Africa (BRICS) has shifted the source of support for developing countries to fund their development programs ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "dropping-particle" : "", "family" : "Armijo", "given" : "L. E.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "Asian Perspective", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2007" ] ] }, "page" : "7-42", "title" : "The BRICs countries (Brazil, Russia, India, and China) as analytical category: mirage or insight?", "type" : "article-journal" }, "uris" : [ "/documents/?uuid=d97fd25a-7d55-453c-adc1-8e1c77d0a51e" ] } ], "mendeley" : { "formattedCitation" : "(Armijo, 2007)", "plainTextFormattedCitation" : "(Armijo, 2007)", "previouslyFormattedCitation" : "(Armijo, 2007)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(Armijo, 2007). The rise in economies of these countries has brought forth competition for the two main organizations responsible for the funding of international development programs. Through the growth of these countries’ economies, they can afford to give both financial and economic assistance to countries in need of their services. They have also introduced new means of economic co-operation especially seen through south-south-co-operation seen in low income countries. The changes that they have made in being involved in global development programs have also changed the global development architecture thus making it more open for other countries to access it. This paper is aimed at analyzing the reasons for growth of the BRICS nations’ economies and the major contributions that they have made on the world stage ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "dropping-particle" : "", "family" : "Sauvant", "given" : "K. P.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "J. World Investment & Trade", "id" : "ITEM-1", "issue" : "639", "issued" : { "date-parts" : [ [ "2005" ] ] }, "page" : "10-24", "title" : "New sources of FDI: the BRICs-outward FDI from Brazil, Russia, India and China", "type" : "article-journal", "volume" : "6" }, "uris" : [ "/documents/?uuid=f911cdab-72eb-4141-99df-ebe80600a049" ] } ], "mendeley" : { "formattedCitation" : "(Sauvant, 2005)", "plainTextFormattedCitation" : "(Sauvant, 2005)", "previouslyFormattedCitation" : "(Sauvant, 2005)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com...