BRICS could become a new pillar of global governance—if its rapid growth doesn’t erode its newfound clout

BRICS has come a long way since Goldman Sachs economist Jim O’Neill thought it up in 2001. As of January, it now comprises ten countries: the original five of Brazil, Russia, India, China and South Africa, and five new additions in Egypt, Ethiopia, Indonesia, Iran, and the United Arab Emirates.

As the postwar U.S.-led international order shows its cracks, it can be tempting to view BRICS as a potential pillar of a new world order. It has almost half of the world’s population, almost three-quarters of its rare earth minerals...