THE BRICS COUNTRIES’ MONETARY AND FINANCIAL POWER: WHAT HAS CHANGED SINCE THE 2008 GLOBAL FINANCIAL CRISIS AND WHY IT MATTERS

Author
Luiza Peruffo
Content Type
Journal Article
Journal
Conjuntura Austral: Journal of the Global South
Volume
11
Issue Number
53
Publication Date
2020
Institution
Conjuntura Austral: Journal of the Global South
Abstract
The grouping of the BRICS countries is controversial in several ways. First, because its origins do not have a political foundation: Brazil, Russia, India and China were first put together as an acronym created in the financial market (O’NEILL, 2001) and this was eventually transposed onto the political world. The group’s advocates have argued that the geopolitical initiative that followed made sense because it brought together countries of continental proportions, large economies, with huge domestic markets –an argument that falls apart with the inclusion of South Africa in 2010. In addition, there is the issue of the disproportionate economic power between China and the other members of the bloc. Moreover, many argue that there are few common interests between the economies, which have such diverse productive structures, and therefore it would be unlikely that they could form a cohesive group (see STUENKEL, 2013, pp. 620-621 for a review of criticisms of the group).
Topic
Economics, International Political Economy, Global Financial Crisis, Economic Cooperation
Political Geography
Russia, China, India, South Africa, Brazil