Emerging Nations: Is the Handwriting on the Wall for the West?
When the BRICS—the emerging nations coalition of Brazil, Russia, India, China and South Africa—decided to make their own version of the International Monetary Fund or World Bank in early 2013, many saw it as a brazen affront to the West. "Reactions from around the world, whether welcoming or critical of the step, all pointed in the same direction: here is further proof of the West's decline in the world," the European center of the Carnegie Endowment for International Peace stated. "The new bank, observers said, would be the embodiment—and enabling instrument—of an alternative model of global governance." Continuing, the institution stated, "For some in the West, the announcement by the BRICS was nothing short of a declaration of war." Among the major players in the West, the U.S. has been running on the fumes of its tremendous 20th-century growth while recording dismal economic growth numbers. Europe is also struggling and continues to marin...