The BRICS bloc, which includes Brazil, Russia, India, China, and South Africa, has become a unified economic bloc that is busily reshaping the frontiers of world governance. Representing more than forty percent of the global population and a growing portion of world GDP, BRICS expresses a different vision of multilateralism, which systematically challenges the normative and institutional dominance of the Western order. This paper conceptualizes BRICS as a norm-entrepreneurial alliance that has the goal of transforming the global orders in finance, trade, and development cooperation without compromising the values of state sovereignty, policy autonomy, and South-South solidarity. This study is based on constructivist international relations theory and the global political economy of institutional change to provide a complete analysis. The qualitative discourse analysis of BRICS summit declarations between 2009 and 2024 and policy communiques is enhanced with the quantitative analysis of the trade, investment, and financial-flow indicators retrieved at the World Bank, IMF, and UNCTAD. The analysis has shown that BRICS has played a tangible role in the spread of multipolar governance norms, and it has also helped to introduce parallel institutions, including the New Development Bank and the Contingent Reserve Arrangement. However, the ability of BRICS to cause major transformation is constrained by domestic imbalance in economic strength, political systems, and strategic goals among the participants. The findings have established that though BRICS could drive a more inclusive and equitable global order, its potential is limited to a large extent due to deep gaps between members of the bloc in terms of economic power, political frameworks, and strategic concerns. BRICS exemplifies the irony of global change by shaking the existing power order and at the same time relying on it to maintain stability the multi-faceted nature of reform and continuity that characterizes the modern age of global change. It is important to recognize this duality to comprehend the way international governance is changing in the modern multipolar and highly contested world.

The world financial system is growing more volatile, and it is questionable whether the conventional reserve currencies will remain as strong as ever. This paper examines whether the euro can meaningfully challenge the U.S. dollar's dominance as increasing economic volatility and the appearance of new competitors like the Chinese Yuan raise this question. This study applies a qualitative and descriptive-quantitative study design. The analysis in this paper draws on empirical data from institutions including the IMF and the BIS. To guide the analysis, this paper uses three key theories: hegemonic stability theory, network effects, and institutional trust. While the U.S. dollar is still the main global currency, it's losing ground. Its share used to be above 70%, but now it's decreased to 53.6%. The euro, on the other hand, has maintained a consistent 20% share and has been remarkably stable. The euro gets its strength from the EU's reliable banking policies and a strong legal system. However, internal division stalls its growth as a global heavyweight. Specifically, the lack of a common fiscal policy and constant political disagreements among member states act as a drag on its overall performance. The Yuan is growing, but it still only accounts for about 2% of the world’s reserves. Despite China's massive economy, the currency is held back by 'red tape' and trust issues specifically, strict controls on moving money, government intervention in its value, and a general lack of transparency. This paper concludes that no single currency will take the lead in the future. Rather, the world is moving toward a multipolar reserve system where the dollar, euro, Yuan, and selected digital currencies will coexist.

This research analyzes the impact of Financial Constraints, Income Shifting, and Sustainability Reporting on tax avoidance, with Institutional Ownership as a moderating variable. The sample consists of 34 manufacturing companies listed on the Indonesia Stock Exchange from 2021 to 2023, using purposive sampling methods. Data were analyzed using panel data regression with EViews 12. The results indicate that Income Shifting and Sustainability Reporting significantly affect Tax Avoidance, while Financial Constraints do not impact Tax Avoidance. Additionally, Institutional Ownership moderates the effect of Income Shifting on Tax Avoidance but does not moderate the effects of Financial Constraints and Sustainability Reporting on Tax Avoidance. This study meets classical assumption tests and found no issues with multicollinearity, heteroscedasticity, or autocorrelation. The findings highlight the importance of Institutional Ownership in monitoring tax avoidance and the need for transparency in sustainability reporting.