Since the collapse of the Soviet Union in 1991, the United States emerged as a global hegemon. However, its dominant position is now waning, and its allies are increasingly questioning the wisdom of adhering unquestioningly to US directives.
This shift is attributed to two primary factors: first, the US’s exploitation of its power during the late 20th and early 21st centuries. The interventions in Iran and Afghanistan, to combat terrorism, actually served its self-interest, because of the absence of a powerful check and counterbalance to its actions.
Second, the emergence of a multipolar world is compelling the US to reassess its stance. The geopolitical landscape is evolving, and the once-unquestioned American dominance is being challenged, and with that, its allies will need to choose between the US and the rising Asia.
In the aftermath of the Soviet Union’s collapse in 1991, the United States emerged as a dominant force across Eurasia, despite its geographical separation. NATO, under US leadership, rapidly expanded westward, welcoming seven new members from the Baltic to the Black Sea. Concurrently, US-backed colour revolutions in Georgia and Ukraine set the stage for further NATO enlargement.
In the southern reaches of Asia, US authority extended from Baghdad, following the invasion of Iraq, to Kabul, where American forces were entrenched with support from bases in Uzbekistan and Kyrgyzstan. This rapid expansion occurred unchallenged, as no single power or alliance posed a credible threat to US hegemony for two decades.
During this period, India transitioned away from Fabian socialism to globalization while cautiously strengthening ties with the US without deteriorating ties with Russia. Meanwhile, Russia, reeling from the Soviet collapse, experienced a period of internal focus under Yeltsin, Putin renewed efforts to reclaim its former great power status.
The United States reached the peak of its power by exerting control over key international structures and institutions like the Bretton Woods System and the UN, utilizing them to sustain its influence on a global scale. However, this hegemonic dominance was tarnished by the misuse of power, as demonstrated by interventions in regions such as the Middle East and North Africa (MENA), Latin America, and East Asia. These interventions were primarily motivated by self-interest and the pursuit of resource acquisition.
Rather than fostering a multipolar world, the US pursued exclusive dominance, evident in NATO’s eastward expansion and the undermining of arms control agreements with Russia. Washington’s abrupt termination of the nuclear deal with Iran and its imposition of sanctions against India in response to nuclear tests fueled anti-US sentiment among many individuals and nations alike. These actions not only strained diplomatic relations but also contributed to a growing skepticism and criticism of US unchecked power on the global stage.
Amid these geopolitical shifts, emerging economic powers such as India and Russia have solidified their cooperation within the BRICS framework. Their focus on mutual interests and connectivity initiatives, such as India’s INSTC and Russia’s Northern Sea Route, highlights a concerted effort to enhance regional and global connectivity. BRICS, bolstered by the inclusion of nations like Iran and Egypt, has effectively countered US dominance without resorting to overtly anti-Western sentiments, showcasing a commitment to constructive engagement and collaboration on the world stage.
BRICS, comprising Brazil, Russia, India, China, and South Africa, has risen to prominence due to its collective economic strength, significant trade and investment initiatives, and ambitious infrastructure projects. These nations wield considerable political influence, advocating for reforms in global governance institutions and fostering multilateral cooperation on various global issues. Additionally, BRICS facilitates currency and financial cooperation through institutions like the New Development Bank and the Contingent Reserve Arrangement, which can attract Europe later.
While the US endeavors to bolster Cold War-era alliances in the Pacific through initiatives like AUKUS and the SQUAD, BRICS places a focus on values such as sovereign equality, dialogue, and consensus. BRICS emphasizes the importance of mutual respect and cooperation over confrontation, signaling a distinct approach to global affairs.
As the US confronts mounting challenges to its hegemonic role, especially in regions like Ukraine, European nations should explore new financial arrangements. BRICS, with its focus on facilitating dollar-free transactions and fostering enhanced connectivity among diverse stakeholders, presents a compelling alternative. Western European countries will soon find themselves at a crossroads, compelled to make a pivotal choice. They must decide whether to maintain allegiance to the US as its global influence diminishes or to seize the opportunities emerging from the ascendance of Asia and the global south.