BRICS: Emerging Markets Myths and Realities Flashcards
1
Q
Who are the BRICS?
A
Brazil, Russia, India, China & South Africa
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
- Head of Global Research at
- Grouping originally an external
creation- Since bene appropriated by the
included countries
- Since bene appropriated by the
3
Q
What unites BRICS?
A
- United by Exclusion
- By the fact everyone else grouped
them together
- By the fact everyone else grouped
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
- Global financial governenace
- Refusal to pay bill for G8’s banquet
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
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
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