Global South versus Global North – the role of BRICS nations

Abstract

At international level we saw a clash on multiple economic and geopolitical dimensions between representatives of Global South and the Global North. The Global North is representing the old establishment led by USA, UK and developed European Countries while the Global South is composed of states that challenges the status quo having as their front runners the BRICS countries (Brazil, Rusia, India, China and South Africa). Objectives The aim of this work is to present what has happened until now on this clash and what will be the next probable steps that will be taken. Prior Work Usually, the analyses done are concentrated on the Global North, only lately the research has shifted towards Global South countries, especially the BRICS, and from southeast Asia. The main topics addressed in the paper are the shift of global power from the USA as the main military and economic power towards a multipolar world. Approach To provide a better picture, national data has been used aggregated in two country groups: the G7 representing the Global North and the BRICS representing the Global South. Results The main results that stemmed from the study highlighted the de-dollarization effect on international trade, the transfer of gold from Global North economies to Global South economies and the separation of the two blocks because of the latest geopolitical events.