Globalization is one of the defining trends of the 21st century. Rapid international development drives growth in the increasingly dense web of connections between developed and developing countries around the world. Advances and cost reductions in communications technology and transportation have made it ever easier to collaborate with associates in other countries and remote locations. It’s hard to think of any aspect of modern life that globalization does not influence or touch in some way. The rising tide of globalization plays a growing role in business, culture, the environment, human migration patterns, international development, politics ,science and technology. The many substantial benefits of globalization include higher average incomes, greater innovation, richer cultural exchanges and improved standards of living around the world(Global Sherpa,2011). “Globalization in a more complex definition refers to a multidimensional set of social process that create ,multiply, stretch and intensify worldwide social interdependence and exchange while at the same time fostering in the people a growing awareness of deepening connections between the local and distant’’.(Steger, Pg 13,2013).Developing countries, particularly the BRICS nations of China ,India and Brazil account for a large portion of the increase in science research publications,from 2002 to 2007 the three countries from the BRICS contributed more than doubled their spending on science research, bringing their collective share of global spending up from 17 to 24 percent(United Nation,2010).
1.1 Globalization and its relevance to BRICS. The formation of BRICS is as a result of global interaction and transfer of ideas and knowledge among nations of the BRICS which globalization plays a crucial role in it sustainability.
1.1.1 ORIGIN The acronym was coined by Jim O’Neill a Goldman Sachs employee in a 2001 paper entitled “Building Better Global Economic BRICs”. The acronym has come into widespread use as a symbol of the shift in global economic power away from the developed G7 economies to the developing nations.
Political dialogue between the BRIC countries began in New York in September 2006, with a meeting of the BRIC foreign ministers. Four high-level meetings followed, including a full-scale meeting in Yekaterinburg, Russia, on May 16, 2008.The BRIC countries met for their ﬁrst ofﬁcial summit on 16th June 2009, in Yekaterinburg, Russia, with Luiz Inácio Lula da Silva, Dmitry Medvedev, Manmohan Singh, and Hu Jintao, the then respective leaders of Brazil, Russia, India and China, all attended. South Africa sought membership during 2010 and the process for formal admission began as early as August 2010. South Africa was admitted as a member nation on December 24, 2010 after being formally invited by China and the other BRIC countries to join the group. The group was renamed BRICS to reﬂect the now ﬁve-nation membership, with an “S” for South Africa appended to the acronym. President Jacob Zuma attended the 2011 BRICS summit in Sanya, Hainan province, China in April 2011 as a full member.
To help the world economies from the effects of the global economic crisis and become close partners.
To exploit the global economic crisis as a means to improve the economic relationship and co-operation with the poor developing countries.
1.1.3 MISSION STATEMENT ‘To reconfigure and liberalize the world’s economy through economic co-operation among member states’.
1.1.4 ECONOMIC ROLE BRICS economic role describes the growing power and influence of the emerging markets of these countries in the global economy. In recent years, all five BRICS countries have experienced rapid economic growth,…