Browsing by Author "Khuzwayo, Noxolo Nomfundo"

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    An exposition of BRICS political and economic governance: towards a new and balanced global world order
    (University of Zululand, 2020) Khuzwayo, Noxolo Nomfundo
    The concept of BRIC was first introduced by Jim O’Neill in 2001 to describe a group of economically emerging countries (the Federative Republic of Brazil {Brazil}, Russian Federation {Russia}, Republic of India {India}, and People’s Republic of China {China}) who, on a purchasing power parity (commonly known as PPP) basis, contributed an aggregate of 23.3% to the world’s GDP in the year 2000. The Republic of South Africa formally joined this group in 2010 and together they represent 43% of the world’s population with a combined nominal GDP of US $13, 7 trillion and control 17% of the world trade. It is estimated that by 2027 BRICs (excluding South Africa) countries will overtake the G7 countries. The BRICS are in a similar stage of economic development. This group represents a huge economic power shift from the developed G7 (French Republic, the Federal Republic of Germany, the Italian Republic, Japan, the United Kingdom of Great Britain and Northern Ireland, the United States of America and Canada). Therefore it is safe to deduce that these countries’ economic wellbeing is of paramount importance to the economic development of the world. BRICS is not a political alliance, rather it is a group of states that are still developing and are characterised by fast growing economies and these nations have significant influence on regional and global affairs. However, while they are still overcoming poverty, inequality and other challenges they share a common vision that aims to address the similar socio-economic characteristics that compound these nations. Each member of BRICS has its own political and economic characteristics e.g. Brazil has massive amounts of oil, along with large suppliers of agricultural products; Russia has great repositories of oil, along with coal and natural gas; India has iron ore, bauxite and copper ore and is one of the major producers of iron in the world; China has coal, iron ore, petroleum, natural gas, mercury, rare earth elements, uranium and the world’s largest potential for hydro power and lastly South Africa is the largest energy producer and consumers on the African continent it has diamonds and gold, the country also has reserves of iron ore, platinum, manganese, chromium, copper, uranium, silver, beryllium and titanium. Therefore, is it clear that the combination of these countries economically is very significant and they play an 14 important role in the international system, with regards to trade and international relations. Therefore, the study was motivated by these findings, hence it seeks to understand the formulation of BRICS and how this might contribute to a change in the global world order.
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    The BRICS new development bank as alternative to the world Bank and IMF: a better economic balance and sustainable development for African Region
    (University of Zululand, 2023) Khuzwayo, Noxolo Nomfundo; Shamase, Maxwell Z and Ndebele, Nduduzo C
    The BRICS economies—Brazil, Russia, India, China, and South Africa—represent the vanguard of emerging economies. Over the past 20 years, they have benefited from both the benefits and drawbacks of globalisation, impressing with quick, accelerated growth rates. Hence the need to study the BRICS New Development Bank As Alternative To The World Bank And IMF: A Better Economic Balance And Sustainable Development For African Region.” In recent decades, the BRICS have garnered a lot of attention on the international relations and economic scenes. These nations, which were previously categorised as "emerging economies," have demonstrated impressive rates of economic growth over the past few years. It is believed that they have undergone a process of structural transformations that has brought them quickly up to the level of world leading economies. This ongoing process might also cause the global economy to tilt in favour of developing nations rather than already established international regions like the G7. The BRICS group has questioned certain existing norms in terms of global governance (Viswanathan 2015: 25). This argument can be taken a step further by noting that not only has the group questioned certain existing norms but also by creating a development financial institution, the group has started to reform these norms. By creating the NDB, BRICS adopted a stance that gave its constituent nations and other emerging economies (and developing states) a voice and a way to be heard that may have been scarcely audible with organisations like the IMF and the World Bank. Therefore, it appeared that creating a financial institution to cater to the demands of the group's members as well as those of other emerging markets was the necessary but drastic next step to meet these development's financial needs. Many Africans think the Bretton Woods institutions were ineffective in addressing Africa's poverty and underdevelopment. The majority of local and non-Western researchers have favourable opinions of BRICS and its African policy, and BRICS has generally good relations with African nations. Through the lens of these mega-trends, "the phenomenon of BRICS," which is in the spotlight as the process of shifting the global economy's centre of gravity from the West, Western or "Global North" to the Orient, East or "Global South," unquestionably contributes to the challenges of the coming decades. Although the mechanisms underlying this process are intricate, their economic growth is supported by a number of factors vital to any economy, including resources, affordable labour, domestic investment, particularly foreign investment in strategic areas, and the desire to have a stronger international voice.