BRICS - Challenges from the south Flashcards
contextually highlight the way in which BRICS highlights a post American world. Give a quote to support this
- the post 1945 system was gone, UN, Bretton woods
- Regionalisation
- Centre of global economy is no longer America
- Rise of illiberal states
- Fareed Zakaria “not about the decline of the US but about the rise of everybody else”
What are common features of the growing south?
- all are southern hemisphere apart from Russia
- Fast growing economies with large growing populations
- create coordination mechanisms and institutions to achieve their commonly defined goals (BRICS, IBSA, BASIC)
who is in BRICS?
- Brazil, Russia, India, China, South Africa
what is the soft balancing of BRICS?
- investing in African economies for example, not a direct challenge
outline the history of BRICS
2001 Goldman sachs report
- Jim O’Neil coined the term to highlight the high potential of investment and the rapidly developing economies
- Putin recognised this opportunity and in 2006 started political moves to put it into practice
- 2009 becomes a reality after Yekaterinberg summit
- 2010 expands to include South Africa
What is the BRICS development bank?
- first proposed in 2012, approved in 2013 at BRICS summit in Durban SA
- Initial investment of $50 billion mainly from China
- an alternative to the world bank or IMF it provided funding for infrastructure projects in developing nations
SOFT BALANCING
BRICS covers what percentage of the worlds land mass?
-25% of the planets land mass
Demographically BRICS covers what percentage of the worlds population?
- 40% of the worlds population
- e.g. China alone has 1.33 billion people = 20%
- e.g. India alone has 1.15 billion people = 20%
In 2012 what was the share of global output from BRICS?
- 20% (compared to the EU and USA 40%)
What did the human development report of the united nations development program predict? (2013)
- that the combined output of Brazil and China alone will surpass aggregate production of the US, Germany, UK, France, Italy and Canada by as early as 2020
BRICS bank claims to hold what percentage of the wolrd’s workforce?
- 50% of the worlds work force
For 5 consecutive years before 2007 what was the annualised return of BRICS investors?
- average 52% return for investments compared to 17% in G-7 markets
What did the BRICS bank claim to do in 2008 financial crisis?
- Claimed to be responsible for getting the economy out of its initial slump
when was IBSA created and what is this an example of ?
- IBSA was created in 2003, it exemplifies south-south cooperation
- India, Brazil, South Africa
could say that BRICS and IBSA are a smack down to Fukuyama why?>
- because you dont have to be western to believe in democracy
What does IBSA mean for substantiative policy / policy initiatives?
- common diplomatic stance at the WTO
- Critical of interventions like Libya and Syria
- Joint Naval exercises
- Strong collective advocates of UN millenium development goals and debt eradication in poor nations
- Development funds for poor nations
what do IBSA members want in the UN?
- They want permanent seats on the security council
Brazil, India and SA are largely against EU / US views within the UNSC which is shown how?
- with their voting record
Exemplify regionalisation
- ASEAN 1967
- EU 1957
- Mercosur 1991
- Africa union 2002 (54 members, Morrocco only one that isn’t)
how can you explain BRICS from realist perspective?
- hegemonic transition
- reconfiguration of strategic balancing
- emphasis on statecraft
- states are autonomous and independent units of the state system, survival instincts, self contained economic and political units
How can you explain BRICS from liberal perspective?
- crisis of liberal internationalism and the rise of non liberal states
- universal validity of western values, institutions and state models