Great Power competition today

THE recent Brics summit in South Africa marks the start of a new phase of Great Power competition. At the apparent urging of China, the Brics group (which also includes Brazil, Russia, India, and South Africa) invited six other countries to join: Argentina, Egypt, Ethiopia, Iran, Saudi Arabia, and the United Arab Emirates (UAE).

By some measures, the economic output of this expanded group will rival that of the G7 (the major developed countries: the United States, Canada, Japan, the United Kingdom, France, Germany, and Italy).

According to public statements by Russian President Vladimir Putin and, more importantly, by Chinese President Xi Jinping, the goal is to build a group that can stand up to Western influence and create the foundation for an alternative international order, with less reliance on the US dollar.