An economic geopolitical model called BRICSization was published in the Science Direct Journal of Open Innovation: Technology, Market, and Complexity. The study used the Morris Code method to test the concept and was authored by Iman Bastanifar, Kashif Hasan Khan, and Halil Koch, who are professors in the Department of Economics, Faculty of Administrative Sciences and Economics, University of Isfahan.
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BRICSization of the World: How the US Dollar Could Suffer
The authors of the journal developed a BRICSization index, which is a quantitative measure to find out how independent each BRICS member is from the US dollar between 2003 and 2022. The higher the score using the Morris method, the closer they are to abandoning the US dollar.
In the BRICSization study, Brazil, China, and South Africa show readiness to ditch the US dollar. Their score comes to 93%, indicating these three can be the first to step aside from the USD. However, India and Russia lag significantly at 37%, showing that without the USD, their economies would collapse.
Overall, BRICSization for the five founding members stands at 72, suggesting that de-dollarization can be a reality. The Morris code tests various combinations with different results and sequences. The journal concluded that while BRICS has made significant strides in de-dollarization, the results are uneven.
The unevenness comes as many other countries cannot survive cutting down on the US dollar. It can directly affect their economies and lead to a financial downturn. BRICSization needs a coordinated effort for the fundamentals to succeed.
The journal explores how the alliance pushed BRICSization on developing countries, convincing them to move away from the US dollar. The main focus of the journal is to examine how they might move toward an alternative international monetary framework. The paper investigates how the bloc can weaken the US dollar using the Morris code.