The Rise of the BRICS in the Global Political Economy

The Rise of the BRICS in the Global Political Economy

Changing Paradigms?

Edited by Vai Io Lo and Mary Hiscock

Taking an interdisciplinary approach, Vai Io Lo and Mary Hiscock, together with scholars and researchers from around the world, investigate the rise of the BRICS and assess the extent of their further development and influence from the perspectives of economics, international relations and law.

Chapter 14: New players, new rules? The BRICS and global economic governance

Mark Thirlwell

Subjects: development studies, development economics, economics and finance, political economy, politics and public policy, political economy


These are tough times for global economic governance. According to one assessment, aside from some successful cooperation between central banks, on ëvirtually every other important global economic issue, international economic cooperation is stalled, flawed or non-existentí (Frieden, Pettis, Rodrik & Baldwin, 2012). Another judges that ëthe system we are supposed to have for coping with the global economy has largely failedí (Beattie, 2012b). A third posits that we now live in ëa world without leaders,í an environment in which ëNo one is driving the busí (Bremmer, 2012). This is also a period marked by a dramatic redistribution of international economic weight driven by the rise of important new economic powers. Prominent among the latter are the so-called BRIC (Brazil, Russian, India, China) or BRICS (BRIC plus South Africa) economies. The two developments are connected.

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