Abstract:
The Global North-Global South debate is a controversial topic in International Politics. This research examines whether the BRICS functions as a counterbalance to the Global North and to what extent it reshapes North-South relationships. From the Cold War period, Western political institutions such as Bretton Woods dominated financial governance, prompting the Global South actors to seek alternative platforms. This study adopts a qualitative research methodology, implementing deductive thematic analysis using secondary data sources, including academic literature, BRICS summit declarations, and institutional reports. Data analysis has been conducted based on five themes: SouthSouth Cooperation, institutional alternatives, de-dollarization and financial autonomy, Normative and discursive resistance, and internal contradictions within BRICS. The findings show that the BRICS has not replaced Western institutions and their dominance completely, however, it promises to become a progressive alternative mechanism. South-South cooperation has facilitated development partnerships and diplomatic coordination. Financial governance diversified due to the New Development Bank and local currency settlements. Further anti-hegemonic factors, such as normative narratives and multipolarity, have challenged the Western legitimacy of financial governance. However, contending geopolitical interests, internal rivalries, and unequal capacities among the Global South limit systematic transformation. The conclusion is that rather than becoming a complete substitute for the Global North, BRICS has become a negotiated counterweight and strives for a gradual shift in the international world order rather than replacing it structurally.
