Edited by Vai Io Lo and Mary Hiscock
Chapter 14: New players, new rules? The BRICS and global economic governance
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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