The BRICS nations which are South Africa, Brazil, Russia, India, and China have become central to debates about the future of global order. When considered alone, this group makes up around half of the world's population and are a quickly growing part of the global economy. The rise of this bloc is not only about making the economy bigger; it is also about trying to change the rules that govern the world. The New Development Bank and other groups that work together to communicate their views in international venues are examples of a long-standing desire to offer alternatives to Western-led methods of financing and development. All of these nations are examples of the desire to offer choices. This study examines the BRICS nations as a collective beyond mere economic cooperation. The influence of the BRICS nations is closely connected to issues of sovereignty, identity, and legitimacy. The papers utilize qualitative analysis of summit declarations and policy addresses, in conjunction with quantitative statistics from the World Bank, the International Monetary Fund, and the United Nations Conference on Trade and Development (UNCTAD) related to trade, investment, and economic growth. The results show that the BRICS countries have made significant contributions to a more multipolar system and have started new ways for institutions to work together. However, these improvements are typically limited by differences in size, governance, and strategy within the BRICS group. The study found that the BRICS nation are prime examples of the advantages and limitations of a global system that can adapt. It is crucial to study the rise of new powers and their impact on the international order in the 21st century from political science, economics, and social philosophy.

The global financial system is now undergoing considerable instability, raising critical issues about the durability of reserve currencies. This article examines the probability of the euro surpassing the United States dollar as the predominant reserve currency, particularly in the context of heightened economic volatility and the emergence of new rivals, such as the Chinese yuan, striving for more significance in the global market. This paper specifically examines the possibility of the euro surpassing the United States dollar. This article employs a mixed-methods approach to evaluate the competitiveness, credibility, and limitations of predominant reserve currencies. It does this by integrating actual reserve data from the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) with theoretical concepts derived from dominant stability theory, network effects, and institutional trust. The data indicate that the dollar's supremacy has been progressively declining, from over 70% of global reserves in 2000 to around 58% by mid-2024. Robust legal frameworks, monetary credibility, and comprehensive financial markets collectively enhance the prosperity of the euro, which constitutes almost twenty. (20%) percent of the total. The Eurozone, meanwhile, persists in facing challenges such as the lack of a fiscal union and the disunity of political leadership within the bloc. The Chinese yuan accounts for only four (4%) percent of world foreign currency reserves, notwithstanding programs like the Belt and Road and enhanced central bank swap lines promoting its utilization. China's persistent objective of sustaining a depreciated yuan to bolster its international economic competitiveness presents a considerable obstacle. Because the yuan cannot be converted into other currencies and there is uncertainty over its value over the long term, foreign central banks are unable to maintain considerable reserves of the yuan. The continued existence of concerns over capital restrictions, decreased financial transparency, and political participation has led to widespread pessimism regarding the Yuan’s potential to continue functioning as a reserve currency despite these factors. Based on what the study found, it seems unlikely that there will ever be a single currency that is the most important one in the world. This suggests that there is a multipolar system in which the euro, the yuan, and digital currencies like the e-CNY and the digital euro all function together in a framework for international monetary policy that is becoming more decentralized and strategically split. These changes have big effects that might change not just how the world is run but also the trade strategy and macroeconomic policy that are already in place. These changes also make life harder for civilizations that are in other regions of the planet.

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.