Remember the Brics? When the concept was first launched by Goldman Sachs in 2001, it was a handy acronym to describe the world’s most dynamic emerging economies. There were always sceptics who questioned just how much Brazil, Russia, India and China have in common. Those doubts only grew when South Africa joined the club.
But it turns out that the Brics do have something in common after all — corruption. In all five countries, popular rage about graft is at the very heart of politics. And because these countries are increasingly important to the world economy, their corruption problems have global implications.
Both Brazil and South Africa have seen presidents forced out of office by corruption scandals — with Jacob Zuma compelled to resign in South Africa this year, and Dilma Rousseff being impeached in Brazil in 2016. In Russia, the ruling United Russia party is widely known as the “party of crooks and thieves”. The rise to power of Narendra Modi was fuelled by his pledge to crack down on corruption among the elites. The Indian prime minister has since taken the drastic step of abolishing about 80 per cent of the country’s currency, in an effort to squash the black economy. In China, President Xi Jinping’s anti-corruption drive has seen more than 100,000 officials arrested. Meanwhile, Chinese exiles have spread online allegations that corruption extends into President Xi’s inner circle.