archiveEQUITIES

In August last year the BRICS summit convened in Johannesburg. Six new members (Iran, Saudi Arabia, Egypt, Argentina, the UAE and Ethiopia) joined the existing five members (Brazil, Russia, India, China and South Africa), and the group now accounts for almost half the world’s population.It is the latest challenge to the unipolar world, dominated by the US, that has existed since the second world war. The rules under which most of the world’s monetary systems operate were established by the 44 allied nations at Bretton Woods in 1944.These rules have been in place,...