All this leaves an extremely complicated, contradiction-riddled political terrain on which the BRICS as a whole appears to have simply slipped from the earlier ‘alternative-to-Western-imperialism’ rhetorical foothold.
In a February 24 podcast introducing his latest book, The Story of Capital, Marxist geographer David Harvey explains why such geopolitical fracturing cannot simply be read off countries’ corporate economic interests:
“The interplay between the capitalist and territorial logics of power is a defining feature of modern geopolitics. Marx noted that the concept of national wealth creeps into the work of the economist and its competition over that national wealth becomes predominant. But under the regime of competing ethnic nationalisms, the production of wealth by capital is primarily put to work to serve national interests rather than those of capital alone. These two logics are not merely competing forces, but ones that are deeply intertwined, influencing how states navigate global and domestic challenges. The dual role of the state-finance nexus becomes particularly evident during crisis. The state as both an enabler and a mediator of accumulation occupies a central political position in capital social formation. However, its dual logics of power, capitalist power and territorial power, create tensions that shape the trajectory of global and domestic politics.”