Abstract
In this paper we examine the BRICS by focusing on one of its member states: Brazil. More specifically, we focus on the relationship between Brazilian foreign policy under President Lula (2003-2010), U.S. hegemonic decline, and the commodity boom that provided economic resources to sustain Brazil’s position in world politics. With the world financial crisis of 2008, Lula’s belle époque came to an end. Without the abundant resources of commodity exports, Lula’s successor, Dilma Rousseff, tried unsuccessfully to combat the economic slowdown by further strengthening the economic role of the state. With this expansionist economic policy, she was elected for a second term in office, but immediately embraced the previous orthodox economic policies, what coupled with lack of support from the Congress, threw the government into crisis. As a result, not only has the political economy of Brazil re-aligned with the interests of financial capital, but also its foreign policy has returned to its historical alignment with the United States. Our contention is that the BRICS will soon be of no relevance to Brazil.
Highlights
Since 2006, when the foreign ministers of Brazil and Russia expressed their interest to collaborate and transform into a political group what until was just an acronym created in 2001 by Jim O’Neill, from Goldman Sachs, the BRICS1 as group formed by Brazil, Russia, India, China and South Africa have received great attention from international relations and world politics scholars
We argue that along with Russia, Brazil's decision to lead the formation of the BRICS was consistent with the orientation of the foreign policy of former President Lula’s government to take advantage of the U.S hegemony decline after the 2003 Iraq invasion, which could be achieved through the formation of political coalitions with semiperipheral and peripheral states
In addition to this interpretation of the world politics conjuncture, the Brazilian foreign policy was based on the economic prosperity experienced by Brazil from 2003 to 2010 due mainly to the commodity boom caused by the expansion of China
Summary
Since 2006, when the foreign ministers of Brazil and Russia expressed their interest to collaborate and transform into a political group what until was just an acronym created in 2001 by Jim O’Neill, from Goldman Sachs, the BRICS1 as group formed by Brazil, Russia, India, China and South Africa have received great attention from international relations and world politics scholars.
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