De-dollarization and global sovereignty: BRICS’ quest for a new financial paradigm

Abstract

This paper argues that the Brazil, Russia, India, China, and South Africa (BRICS) de-dollarization movement represents a significant shift away from the hegemonic influence of American finance, which is crucial for empowering liberation movements in the Global South. Historically, the dominance of the U.S. dollar as a global currency has restricted collective action by centralizing economic power. By reducing reliance on the dollar, BRICS nations aim to foster a new financial paradigm that supports left-wing revolutionary projects, enhancing their financial sovereignty, and enabling more equitable economic frameworks. This shift could potentially redefine global financial interactions, offering a fresh model for economic transactions that bypass traditional Western financial systems.