A Bigger Clubhouse.(International Edition; INTERNATIONAL)(Brazil, Russia, India and China)

Emerging-market powers will define the new 'new world order.'

In the days immediately before last week's G20 summit in Washington, the Russian government quietly reached out to the governments of China, India and Brazil to coordinate a meeting on the fringes of the main event. It was one of many recent signals that the international order born in the wake of World War II is giving way to one rooted in the realities of this new century. The G20 summit itself is another such sign of this trend, proof that the leaders of the world's established powers can no longer manage the challenges of the world economy without effective collaboration with an emerging class of potential rivals who have become vital partners.

When Goldman Sachs's Jim O'Neill coined the term "BRICs" in 2001 to refer to the biggest of the emerging powers--Brazil, Russia, India and China--he estimated that these four nations would displace Europe from the list of the world's six largest economies by 2050. He could not, however, have imagined that they would so quickly translate economic promise into geopolitical clout. Neither could he have envisioned how a combination of the diplomatic missteps of the Bush administration, a once-in-a-century financial crisis and the arrival of the Obama era might quickly institutionalize that rise in what may amount to nothing less than the most sweeping transformation of the international system since the United Nations, the IMF and the World Bank were created in the 1940s.

Just six months ago, the foreign ministers of the BRICs met in Yekaterinburg, Russia, to take an important step toward transforming a catchy acronym into an international force to be reckoned with. They defined a set of common goals built around the idea of a "more democratic international system." Given the antidemocratic impulses of the Putin administration and the reluctance of the Chinese to embrace anything but limited experiments in democracy, the language might have seemed discordant. But in a world deeply unsettled by the possibility of an unchecked single superpower that had abandoned many of the principals of international law it once championed, such an idea and such a group--representing almost half the world's population--had power and resonance. The Yekaterinburg communique asserted the four countries' "strong preference for multilateral diplomacy in dealing with the common challenges to international security." It specified areas in which the BRICs had common objectives, from combating terrorism to energy security, from socioeconomic development to climate change. Specifically, the group underscored the importance of South-South cooperation, with the clear implication that it would be to this new developing world alliance what the G8 was to the North.

The group met again on the fringes of the U.N. General Assembly meeting in September, convened a finance and economy ministerial in Sao Paulo in the run up to the G20 meeting and has also scheduled a leaders summit of its own in India next year. Much of the increased momentum is a result of the recent global financial meltdown. There were no solutions to the problem that did not involve the BRICs. By some estimates, more than three quarters of next year's global growth will come in the emerging world. China is home to the world's largest capital reserves (China's $586 ...