The Brics And The Financing Mechanisms They Created

The book provides an assessment of BRICS cooperation, focusing on the new financing mechanisms created by the BRICS, the monetary fund and the development bank. It is shown that Brazil, Russia, India and China, joined later by South Africa, share common traits that led them to cooperate in the reform of the international financial architecture, especially the G20 and the IMF. After 2012, in light of the difficulty of having advanced countries agree to move from “tinkering at the margins” to fundamental reform of the Bretton Woods institutions, the BRICS decided to establish their own monetary fund, named the BRICS Contingent Reserve Arrangement (CRA), and their own development bank, named the New Development Bank (NDB). The book describes the difficult negotiations among the BRICS between 2012 and 2014. Some of these difficulties revealed the weaknesses that would lead the CRA and the NDB to make slow progress in the first years of their existence. The book provides an overview of the strong points and weaknesses of the initial phase of these financing mechanisms. It ends with a discussion of the future of the BRICS, highlighting that joint action by the five countries is likely to remain an important feature of the international landscape in the decades to come.

This book explores the levels of cooperation and the phenomenon of convergence among BRICS nations. It provides an in-depth look into the financial and banking systems among these rapidly developing economies and the steps they have taken to foster development and counter inequalities. Of the many factors in determining the income and wealth of a country as well as a group of countries, commercial bank credit, a well-known financial indicator, has been an important one. This book analyses the governance and structure of the New Development Bank and its effects on group members for peer growth and to defend against any external economic and political shocks. It looks at how much of an influence the commercial bank credit, or simply the credit, has upon the income levels of the BRICS member countries, how equitable they are, whether they are converging in credits and incomes, and other such issues. It also focuses on India’s credit aspects of inclusiveness and convergence. With a strong empirical model estimation, this book will be of interest to students and researchers of economics, finance, management, political studies, international relations, and international trade.

This is a study of higher education in the world's four largest developing economies—Brazil, Russia, India, and China. Already important players globally, by mid-century, they are likely to be economic powerhouses. But whether they reach that level of development will depend in part on how successfully they create quality higher education that puts their labor forces at the cutting edge of the information society. Using an empirical, comparative approach, this book develops a broad picture of the higher education system in each country in the context of both global and local forces. The authors offer insights into how differing socioeconomic and historic patterns of change and political contexts influence developments in higher education. In asking why each state takes the approach that it does, this work situates a discussion of university expansion and quality in the context of governments' educational policies and reflects on the larger struggles over social goals and the distribution of national resources.

This book unravels the centrality of contestation over international institutions under the shadow of crisis. Andrew Cooper makes a compelling case that concertation represents a fundamental institution as a peer competitor to multilateralism.

Financing the Future explains how the unique governance arrangements and financial model of Multilateral Development Banks (MDB) shape their behavior. Outlining a theoretical framework suitable to the 30-odd MDBs around the world, the book uses this to show how different sets of MDBs are grappling with the challenges of the 21st century. This is the first book to explain the core of the MDB model as a unique class of international institution and shows how that model is playing out the traditional large MDBs, smaller borrower-led banks, and the two new MDBs recently created with the support of China. The combination of an original theoretical approach, rich quantitative and qualitative empirics, and clear writing means this book will appeal to both academic and practitioner audiences.

Given their immense potential for development and representation of a new international political and economic order, the BRICS countries have become a strong nascent force on the global stage. However, as overall economic growth continues to slow down, and the geopolitical situation becomes more complex, the BRICS countries are facing a series of new challenges that require further development in the way they cooperate with one another. This volume offers a panoramic view of cooperation between the BRICS countries in the light of these new challenges. The editors reveal that policy coordination has been strengthened, bringing into play complementary advantages as viable ways for promoting robust, sustainable, and balanced growth in the world economy. They argue that the experience gained, and lessons learned in the development of and cooperation between the BRICS countries has offered a positive role model for cooperation between other countries as well as providing valuable lessons for research in international politics. Students and scholars in international relations and politics will benefit from this volume.

“Regional cooperation exists, but looks different in the global South than in the European Union,” claim the contributors to South American Policy Regionalism, which offers novel theory, methods, and Latin American case studies of joint governance efforts in nine international policy arenas, ranging from illegal drugs to artificial intelligence. Contrasting three major schools of thought in international relations (highlighting power, institutions, and ideas), this book introduces the idea of international policy regionalism as a framework for informed debate about international policy-sector interactions in a regional space. Beginning with a conceptual approach applicable to any world region, it includes a brief history of Western Hemisphere regionalism to aid in future cross-regional comparisons. An international group of contributors constructs rich narratives of the politics of Latin American policy sector evolution since the Cold War. Besides the aforementioned, included sectors span regional development banking, infrastructure planning, electricity distribution, migration governance, climate action, neglected tropical diseases, and food policies. This volume equips readers from various academic disciplines and the policy world to understand the relevance of core international relations theory for the analysis of policy sectors that cross national borders, both within Latin America and elsewhere, and especially throughout the global South.

Brazil, Russia, India, China and South Africa represent almost 18 per cent of the world economy, with their contribution to world growth having already exceeded 50 per cent. But what does the emergence of the BRICS mean for global politics? Andrew Cooper discusses the BRICS as a concept and its practice in global politics.

With the United States' superpower status rivalled by a rising China and emerging powers like India and Brazil playing a growing role in international affairs, the global balance of power is shifting. But what does this mean for the future of the international order? Will China dominate the 21st Century? Will the so-called BRICS prove to be a disruptive force in global affairs? Are we headed towards a world marked by frequent strife, or will the end of Western dominance make the world more peaceful? In this provocative new book, Oliver Stuenkel argues that our understanding of global order and predictions about its future are limited because we seek to imagine the post-Western world from a parochial Western-centric perspective. Such a view is increasingly inadequate in a world where a billions of people regard Western rule as a temporary aberration, and the rise of Asia as a return to normalcy. In reality, China and other rising powers that elude the simplistic extremes of either confronting or joining existing order are quietly building a "parallel order" which complements today's international institutions and increases rising powers' autonomy. Combining accessibility with expert sensitivity to the complexities of the global shift of power, Stuenkel's vision of a post-Western world will be core reading for students and scholars of contemporary international affairs, as well as anyone interested in the future of global politics. "A fascinating interpretation of our understanding of politics and global affairs, which demonstrates the evolving nature of power today. Oliver Stuenkel presents a compelling argument - not just about the "Rise of the Rest", but also the overlooked power and influence of the non-Western world. Highly engaging and instructive." Dr Shashi Tharoor, India’s Minister of State for External Affairs (2009-10) "Oliver Stuenkel is one of the best new voices in the field of international politics. In Post-Western World, he explores the primary challenges of the global order and critiques the parochial, Eurocentric vision which conforms to international power structures. This book is essential reading for anyone seeking to understand what a multipolar world order would look like and how it might be effectively realized." Celso Amorim, Brazil’s Minister of External Relations (1993-5, 2003-11) and Minister of Defence (2011-15)