BRICS Breakthrough? Economists Richard Wolff & Patrick Bond on Growing Alliance, Challenge to U.S.

Will the BRICS economic and political alliance change the world’s U.S.-centered balance of power? As the annual BRICS summit wraps up in Russia, we host a debate between American economist Richard Wolff and South African sociologist Patrick Bond over the significance of the conference. This year, the nine BRICS countries invited 13 new “partner states” into their alliance, which Wolff calls “historic” and “a serious economic competitor to the United States and its role in the world.” Bond, on the other hand, argues that BRICS should be considered a “subimperial” formation, which expands and legitimates the existing world economic system rather than truly disrupting it.