BRICS: Emerging Markets Myths and Realities Flashcards

1
Q

Who are the BRICS?

A

Brazil, Russia, India, China & South Africa

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2
Q

What is the history of the BRICS?

A
  • Original only four countries
    • South Africa added in Dec 2010
  • Intellectual creation of Jim O’Neill
    in 2001
    • Head of Global Research at
      Goldman Sachs
  • Grouping originally an external
    creation
    • Since bene appropriated by the
      included countries
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3
Q

What unites BRICS?

A
  • United by Exclusion
    • By the fact everyone else grouped
      them together
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4
Q

What is BRICS’s position?

A
  • Not willing to sit at children’s table
  • Calls for major reforms to
    • Global financial governenace
      • IMF voting quotas
      • World Bank deicion-making
    • Changes to UN representation and
      procedures
    • Shifts in priorities to complete
      WTO Doha Round
  • Refusal to pay bill for G8’s banquet
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5
Q

What is structural power?

A
  • vs relative
  • The power to set rules and norms
  • If you lose relative power, you still
    gain from the system
  • (1946 - 1954) UN, IMF, World Bank,
    GATT all set up by US in that period
    of time
  • Hegemony imbedded into the system
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6
Q

What are the 4 aspects of structural power?

A
- Have to have dominating relative
  power in each
- Security
- Production
- Finance
- Knowledge
- When you control all 4 sides, you can
  change the rules of the game
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7
Q

What are the implications of BRICS?

A
- Civilisational war and militarised
  hegemonic struggle unlikely
- BRICS do not want to take over
    - They would probably like to see
      the entirity of the EU
      represented singularly - (why
      does Italy have the power it
      does?)
    - Doesn’t want to have to deal with
      all the stuff the US has to 
- Increased trade and integration likely
- Contestation of how global system is
  governed, but politically, not
  militarily
    - Too much money being made to
      allow war
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