The BRICS Group and Global Economic Governance

Autores

  • Annita Deloris Montoute The University of the West Indies

DOI:

https://doi.org/10.36311/2237-7743.2017.v6n3.03.p442

Palavras-chave:

BRICS

Resumo

Bolstered by the 2008 global financial crisis, and the BRICS’ increased economic weight, the latter has called for change to global economic governance. The BRICS critique and proposals are towards a re-structuring of global economic governance to reflect their increasing weight in the global political economy rather than replacing the principles and philosophy (ideas)—explicitly or implicitly—undergirding the neoliberal economic order. The changes being proposed can be likened to Hall’s first and second order change which simply re-arranges existing policy without bringing about radical changes. The paper argues that the conditions necessary for third order change - radical policy change or a paradigm shift - do not exist to provide the BRICS with a framework for challenging global economic governance. These include: (a) the lack of expert consensus on the cause of the crisis and the absence of a sufficiently coherent and unified body of ideas to form an alternative model; and (b) asymmetries in elements of the research process between those which support the neo liberal agenda and those which provide counter perspectives.   

Key words: BRICS; global economic governance; neoliberalism; paradigm maintenance; ideas; policy adjustments.

 

 

Recebido em: março/2017.

Aprovado em: dezembro/2017.

Downloads

Não há dados estatísticos.

Métricas

Carregando Métricas ...

Biografia do Autor

Annita Deloris Montoute, The University of the West Indies

Institute of International Relations

Global Governance and Multilateralism

Political Economy of Development and International Organisation

Referências

Abdelal, Rawi and John G. Ruggie, The Principles of Embedded Liberalism: Social Legitimacy and Global Capitalism, in David Moss and John Cisternino (eds.). New Perspectives on Regulation. Cambridge, M.A: The Tobin Project, 2009.

Acharya, Viral V. and Matthew Richardson, Causes of the Financial Crisis Critical Review, v. 21, n. 2–3, 2009.

Agreement on the New Development Bank, Fortaleza, Brazil, 15 July 2014. Available in: http://www.brics.utoronto.ca/docs/140715-bank.html. Accessed on February 25, 2017.

Albin, Cecilia. Using Negotiation to Promote Legitimacy: An Assessment of Proposals for Reforming the WTO, International Affairs, v. 84, n. 4, 2008.

Altvater, Elmar. Post neoliberalism or Post capitalism? The Failure of Neoliberalism in the Financial Market Crisis, Development Dialogue, v. 51, 2009.

Armijo, Leslie Elliot and Cynthia Roberts. The Emerging Powers and Global Governance: Why the BRICS Matter, in Robert Looney (ed.), Handbook of Emerging Economies. London: Routledge, 2014. Available in http://www.leslieelliottarmijo.org/wp-content/uploads/2011/02/ArmRobts-13-July-20-BRICS.pdf. Accessed on: April 5, 2016.

BBC News, Brics Countries Launch New Development Bank in Shanghai, 21 July, 2015. Available in: http://www.bbc.com/news/33605230. Accessed on August 13, 2016.

Beeson, Mark. Can China Lead? Third World Quarterly, v. 34, n. 2, 2013.

Béland, Daniel. The Idea of Power and the Role of Ideas. Political Studies Review. V 8, no 2, 2009, doi:10.1111/j.1478-9302.2009.00199.x

Bernanke, Ben S. Chairman of the Board of Governors of the Federal Reserve System, at the Council on Foreign Relations, D.C., March 10 2009. Available in: https://www.federalreserve.gov/newsevents/speech/bernanke20090310a.htm. Accessed on January 11, 2017.

Bond, Patrick. Sub-imperialism as Lubricant of Neoliberalism: South African ‘deputy sheriff’ duty within Brics. Third World Quarterly, v. 34, n. 2, 2013.

Broad, Robin. Research, knowledge and the art of paradigm maintenance: The World Bank’s Development Economics Vice Presidency (DEC). Review of International Political Economy, v. 13, n. 3, August 2006.

Brohman, John. Economism and Critical Silences in Development Studies: A Theoretical Critique of Neoliberalism Third World Quarterly, v. 16, n. 2, 1995.

Cammack, Paul. The G20, the Crisis and the Rise of Global Developmental Liberalism. Third World Quarterly, v. 33, n.1, 2012.

Ceceña, Ana, Esther Post neoliberalism and its Bifurcations, Development Dialogue, v. 51, 2009.

Chin, Gregory and Ramesh Thakur, Will China Change the Rules of Global Order? The Washington Quarterly, v. 33, n, 4, 2010.

Chossudovsky, Michel. BRICS and the Fiction of ‘De-Dollarization’, Global Research, September 23, 2015. Available in: http://www.globalresearch.ca/brics-and-the-fiction-of-de-dollarization/5441301. Accessed on December 27, 2016.

Clarke, Ian. Legitimacy in International Society. Oxford: Oxford University Press, 2005.

Coffee, John C. Jr., What Went Wrong? An Initial Inquiry into the Causes of the 2008 Financial Crisis. Journal of Corporate Law Studies, v. 9, n. 1, April 2009.

Colander, David, Hans, Föllmer, Armin Haas, et al., The Financial Crisis and the Systemic Failure of Academic Economics.” Keil Working Papers No. 1489, February 2009, Available in: http://www.ifw-members.ifw kiel.de/publications /the-financial-crisis-and-the-systemic-failure-of-academic economics/KWP_1489_Colanderetal Financial%20Crisis.pdf. Accessed on January 19, 2017.

Cooper, Andrew F. The G20 and Contested Global Governance: BRICS, Middle Powers and Small States. Caribbean Journal of International Relations & Diplomacy, v. 2, n. 3, September 2014.

Danaher, Kevin. 10 Reasons to Abolish the IMF and World Bank, New York: Global Exchange, Seven Stories Press, 2004.

Eschle, Catherine. Constructing ‘The Anti-Globalisation Movement, International Journal of Peace Studies, v. 9, n. 1, 2004.

Farrell, Henry and John Quiggin, Consensus, Dissensus and Economic Ideas: The Rise and Fall of Keynesianism during the Economic Crisis, Working Paper, 9 March 2012. Available: http://www.henry farrell.net/Keynes.pdf. Accessed on June 2016.

Fortaleza Declaration, Sixth BRICS Summit, Fortaleza, Brazil, 15 July 2014. Available in: http://brics.itamaraty.gov.br/media2/press-releases/214-sixth-brics-summit-fortaleza-declaration. Accessed on February 25, 2017.

German Development Institute, Financing Global Development: The BRICS New Development Bank. Briefing Paper no.13, (2015), available in: https://www.die-gdi.de/uploads/media/BP_13.2015.pdf. Accessed on October, 2016.

Goldin, Ian and Tiffany Vogel, Global Governance and Systemic Risk in the 21st Century: Lessons from the Financial Crisis, Global Policy, v. 1, n. 1, January 2010.

Goldstein Judith and Robert O. Keohane, Ideas and Policy: An Analytical Framework, J. Goldstein and R. O. Keohane, (eds.) Ideas and Foreign Policy: Beliefs, Institutions, and Political Change. Ithaca and London: Cornell University Press, 1993.

Guzman, Andrew T. Global Governance and the WTO. Harvard International Law Journal, v. 45, n. 2, 2004.

Hall, Peter A. Policy Paradigms, Social Learning, and the State: The Case of Economic Policymaking in Britain, Comparative Politics v. 25, n. 3. April 1993.

Harvey, David. A Brief History of Neoliberalism. Oxford: Oxford University Press, 2005.

Hodgson, Geoffrey M. The great Crash of 2008 and the Reform of Economics. Cambridge Journal of Economics, v. 33, n. 6, 2009.

Ikenberry, G. John. A World Economy Restored: Expert Consensus and the Anglo-American Postwar Settlement, International Organization Vol. 46, No. 1, Knowledge, Power, and International Policy Coordination, Winter 1992.

International Monetary Fund, Statement by the IMF Executive Directors Representing Brazil, Russia, India, China and South Africa on the Selection Process for Appointing an IMF Managing Director, Press Release No. 11/195, 24 May 2011. Available in: https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr11195. Accessed on July 2, 2016.

International Monetary Fund. Quota and Voting Shares Before and After Implementation of Reforms Agreed in 2008 and 2010, June 2013. Available in: https://www.imf.org/external/np/sec/pr/2011/pdfs/quota_tbl.pdf. Accessed on February 27, 2017.

Isidro Luna, Victor Manuel. From Neoliberalism to Possible Alternatives, Economía Informa, v. 395, November–December 2015.

Jacobs, Alan M. How Do Ideas Matter? Mental Models and Attention in German Pension Politics, Comparative Political Studies v. 42, n. 2, February 2009.

Jones Bryn and Mike O’Donnell (eds), Alternatives to Neoliberalism, Towards Equality and Democracy, Bristol and Chicago: Policy Press, University of Bristol, 2017.

Kahler, Miles. Rising Powers and Global Governance, International Affairs, v. 89, n. 3, 2013.

Kotz, David M. The Rise and Fall of Neoliberal Capitalism. Cambridge: Harvard University Press, 2015.

Kuhn, Thomas S. The Structure of Scientific Revolutions. London: The University of Chicago Press, 1970.

Lal, Deepak. The Threat to Economic Liberty from International Organizations, Cato Journal, v. 25, n. 3, 2005.

Langley, Paul. (Re) politicizing Global Financial Governance: What's ‘New’ About the ‘New International Financial Architecture? Global Networks, v. 4, n. 1, 2004.

Legg, Michael and Jason Harris, How the American Dream Became a Global Nightmare: An Analysis of the Causes of the Global Financial Crisis, UNSW Law Journal, v. 32, n. 2 , 2009.

Lindvall, Johannes. The Real but Limited Influence of Expert Ideas, World Politics, v. 61, n. 4, 2009.

Labonte, Ron. International Governance and World Trade Organization (WTO) reform, Critical Public Health, v. 12, n. 1, 2002.

Lo, Andrew W. Reading about the Financial Crisis: A Twenty-One-Book Review. Journal of Economic Literature v, 50, n. 1, 2012.

Nölke, Andreas. Private Chinese Multinationals and the Long Shadow of the State, in Andreas Nölke (ed.), Multinational Corporations from Emerging Markets. London: Palgrave Macmillan, 2014.

Panitch Leo and Martin Konings, Myths of Neoliberal Deregulation, New Left Review, no. 57, May-June 2009.

Payne, Anthony. Steering into the Great Uncertainty: The G20 as Global Governance, Caribbean Journal of International Relations & Diplomacy, v. 2, n. 3, September 2014.

Peet, Richard. Unholy Trinity. London and New York: Zed Books, 2003.

Reserve Bank of India, India’s Central Bank, India’s External Debt as at the end of March 2015, 30 June 2015. Available in: https://rbi.org.in/scripts/BS_PressReleaseDisplay.aspx ?prid=34314. Accessed November, 17, 2016.

Saxegaard, Magnus. Safe Debt and Uncertainty in Emerging Markets: An Application to South Africa, IMF Working Paper WP/14/231, December 2014. Available in: https://www.imf.org/external/pubs /ft/wp/2014/wp14231.pdf. Accessed on August 13, 2016.

Schmidt, Johannes D. India’s Rise, the European Union and the BRICS: An Uneasy Relation, in Marek Rewizorski (ed.), The European Union and the BRICS Complex Relations in the era of Global Governance. New York: Springer, 2015.

Shield, Will. The Middle Way: China and Global Economic Governance, Survival, v. 55, n. 6, December 2013 – January 2014.

Sohn, Injoo. Between Confrontation and Assimilation: China and the Fragmentation of Global Financial governance, Journal of Contemporary China, v. 22, n. 82, 2013.

Stephen, Matthew. Rising powers, Global Capitalism and Liberal Global Governance: A Historical Materialist Account of the BRICs Challenge, European Journal of International Relations, v. 20, n. 4, 2014.

Stephen, Matthew. Rising Regional Powers and International Institutions: The Foreign Policy Orientations of India, Brazil and South Africa, Global Society, v. 26, n. 3, 2012.

Stiglitz, Joseph. Needed: A New Economic Paradigm, Financial Times, 19 August 2010. Available in: http://www.ft.com/cms/s/0/d5108f90-abc2-11df-9f02-00144feabdc0.html#axzz3XpzH4p8S. Accessed on October 16, 2015.

Stiglitz, Joseph. Interpreting the Causes of the Great Recession of 2008, Lecture to have been delivered at BIS Conference, Basel, June 2009. Available: https://fcic-static.law.stanford.edu/cdn_media/fcic-testimony/2009-1020-Stiglitz-article-2.pdf. Accessed on September 23, 2016.

Stiglitz, Joseph. Democratizing the International Monetary Fund and the World Bank: Governance Accountability, Governance: An international Journal of Policy of Administrations and Institutions, v. 16, no. 1, January 2003.

The Financial Crisis Inquiry Commission, The Financial Crisis Inquiry Report: Final Report of the National Commission on the Causes of the Financial and Economic Crisis in the United States, January 2011. Available: https://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf. Accessed on January 11, 2017.

Treaty for the Establishment of a Brics Contingent Reserve Arrangement, Fortaleza, Brazil, 15 July 2014. Available in: http://www.brics.utoronto.ca/docs/140715-treaty.html. Accessed August 13, 2016.

Vieira, Flávio Vilela. The New International Financial Crisis: Causes, Consequences and perspectives, Brazilian Journal of Political Economy, v. 31, n. 2, April-June 2011.

Walsh, James I. When do Ideas Matter? Explaining the Successes and Failures of Thatcherite Ideas, Comparative Political Studies, v, 33, n. 4, May 2000.

Wang Hongying and Erik French, Middle Range Powers in Global Governance, Third World Quarterly, v 34, n. 6, 2013.

Weaver Jim, Didier Jacobs and Jamie Baker (eds). Alternatives to Neoliberalism: Conference of the coalition, New Rules for Global Finance. A Collection of Papers Presented at the Conference Alternatives to Neoliberalism, May 23-24, Washington, DC, October 1, 2002. Available in:https://homepage.univie.ac.at/kunibert.raffer/WASHINGT.pdf. Accessed December, 2017.

Westra, Richard (ed). Confronting Global Neoliberalism: Third World Resistance and Development Strategies, Atlanta: Clarity Press, 2010.

William, Poole. Causes and Consequences of the Financial Crisis of 2007-2009, Harvard Journal of Law & Public Policy, v. 33, n. 2, Spring 2010.

Williamson, John. A Short History of the Washington Consensus, paper commissioned for a conference ‘From the Washington Consensus towards a new Global Governance,’ Barcelona, 24-25 September, 2004. Available in: https://piie.com/publications/papers/williamson0904-2.pdf. Accessed on February 27, 2017.

Woods, Ngaire. Making the IMF and the World Bank More Accountable, International Affairs, v. 77, n. 1, January 2001.

Woods, Ngaire and Amrika Narlikar. Governance and the Limits of Accountability: The WTO, the IMF, and the World Bank, International Social Science Journal, v. 53, n.170, December 2001.

Yeoh, Peter. Causes of the Global Financial Crisis: Learning from the Competing Insights, International Journal of Disclosure and Governance, v. 7, n. 1, 2009.

Yifu Lin, Justin and Volker Treichel, The Unexpected Global Financial Crisis Researching its Root Cause, Policy Research Working Paper 5937 of The World Bank Office of the Chief Economist, Development Economics Vice Presidency, January 2012. Available in: http://elibrary.worldbank.org/doi/pdf/10.1596/1813-9450-5937. Accessed September 20, 2016.

Downloads

Publicado

2018-02-03

Como Citar

MONTOUTE, A. D. The BRICS Group and Global Economic Governance. Brazilian Journal of International Relations, Marília, SP, v. 6, n. 3, p. 442–467, 2018. DOI: 10.36311/2237-7743.2017.v6n3.03.p442. Disponível em: https://revistas.marilia.unesp.br/index.php/bjir/article/view/6800. Acesso em: 26 abr. 2024.

Edição

Seção

Artigos