Habibie, Mhd. Daffa and Rahayu, Dini Septyana (2024) DEDOLLARIZATION OF BRICS AS COUNTER HEGEMONY AGAINST UNITED STATES DOLLAR. S1 Undergraduate thesis, Universitas Darussalam Gontor.

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Abstract

After World War II, the United States became the center of attention for many countries, especially in the economic and capital spheres. The dominance of the US in the world economy makes the US dollar an important component in the global economic system, often used as an instrument of power, especially for developing countries. The US has controlled the world economy through strategies such as strengthening the position of the US Dollar in international trade and financial sectors, establishing large American-based multinational corporations with significant influence in the economic and political spheres. The existence of the BRICS, namely Brazil, Russia, India, China, and South Africa, which is a group of emerging economies with significant influence at the global level, reflects concerns about the dominance of the US Dollar in the global economy. The BRICS have a large population as well as substantial foreign currency reserves, giving them the potential to reform the global economic landscape. This study aims to analyze the Dedollarization of Brics as a Counter Hegemony of the United States, this study uses the concept of counter hegemony. The research method used is qualitative descriptive with data collection techniques and literature related to this topic. The results of this study show that the dedollarization carried out by BRICS is towards the creation of a more balanced and fair global financial system. And by reducing dependence on the dollar, BRICS countries are trying to protect their economies from this volatility and create a more stable and sustainable financial system. These efforts demonstrate the strong commitment of the BRICS countries to reduce dependence on the US dollar and encourage closer economic cooperation among developing countries

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