The BRICS served notice that they are now an economic alliance that poses a challenge to the global status quo during their last summit in Brazil in mid-July, when they inaugurated two path-breaking institutions intended to rival the US- and European-dominated International Monetary Fund and World Bank: a Contingency Reserve Arrangement, with an initial capitalization of $100 billion, which can be accessed by BRICS members in need of funds; and the New Development Bank, with a total authorized capital of $100 billion, which is open to all members of the United Nations. Both institutions aim to break the global North’s chokehold on finance and development.

But while the BRICS countries have made plain their desire to loosen control of the global economy by the United States and Europe, they’ll have to confront some serious problems at home.