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New Players, New Game?

New Players, New Game?: The Impact of Emerging Economies on Global Governance

Sijbren de Jong
Rem Korteweg
Joshua Polchar
Artur Usanov
Tessa Ax
Marno de Boer
Annemarie Poorterman
https://www.jstor.org/stable/j.ctt6wp7fj
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  • Book Info
    New Players, New Game?
    Book Description:

    How have emerging economies, such as Brazil, Russia, India, China, South Africa, as well as Indonesia, Turkey and South Korea (or "BRICS+"), affected the international power balance? And to what extent are these countries cooperating strategically on economic, diplomatic, and security matters? The contributors toNew Player, New Game?consider the potential for the BRICS+ to fuel the emergence of a bipolar world of 'the West against the Rest,' thus potentially leading to an increased cost of doing business, reduced chances of promoting human rights, increased diplomatic and military tensions, and a decrease in economic globalization.

    eISBN: 978-90-485-1930-9
    Subjects: Political Science

Table of Contents

  1. 1 INTRODUCTION
    (pp. 15-18)

    The first decade of the 21stcentury has been a period of rapid economic growth in many large emerging economies, especially China. This has brought about substantial changes in the relative power balance between the emerging economies and the West. The financial and economic crisis that started in 2007-2008 has reinforced this global shift. While the U.S. and many European economies are weighed down by large sovereign debt and austerity measures that could condemn them to several years of slow growth, many emerging economies are in much better fiscal shape and have recovered quickly from the global recession. Some large...

  2. 2 SELECTION OF COUNTRIES
    (pp. 19-22)

    Goldman Sachs economist Jim OʹNeill coined the BRIC acronym in a paper from 2001 (ʹBuilding Better Global Economic BRICsʹ).³ He predicted that the share of the BRIC countries (Brazil, Russia, India and China) in the worldʹs economic pie would grow in the following decade and as such also their role in global economic governance. In a follow-up paper in 2003 Goldman Sachs predicted that by 2040 the ʹBRICʹ countries collectively would be economically bigger than the traditional G6 (U.S., Japan, Germany, France, UK and Italy).

    The BRIC acronym took on a life of its own with an associated cottage industry...

  3. 3 MAIN POWER TRENDS AMONG THE BRICS+
    (pp. 23-38)

    In this chapter we analyze the shifting balance of power between the BRICS+ and the West. We attempt to identify the impact of the rise of emerging economies in this respect. In this context the notion of national power comes to mind. National power can be defined as ʹall of the means available to the government in its pursuit of national objectivesʹ.⁸ Some authors try to quantify national power by combining several variables measuring different elements of power into one aggregate index. In practice, however, national power is context-dependent and can be evaluated only in relation to other actor(s) and...

  4. 4 BRICS+ AND GLOBAL ECONOMIC GOVERNANCE
    (pp. 39-52)

    The previous sections looked at the broad trends within the BRICS+ countries essentially in isolation from each other. These trends, however, do not reveal a great deal as to whether BRICS+ countries are moving toward becoming a bloc, coordinating policy efforts and collectively challenging the existing status quo. For this we need to look at interactions among the BRICS+ countries and between the BRICS+ and the West. This chapter addresses the extent to which the BRICS+ are cooperating strategically on economic governance issues. It reviews changes in geographical trade patterns for BRICS+ in last 10-20 years and examines their proposals...

  5. 5 DIPLOMATIC INTERACTIONS OF THE BRICS+ AND THE WEST
    (pp. 53-66)

    This chapter assesses the extent to which there is strategic cooperation among the BRICS+ in diplomatic forums and on selected security issues. What unites the countries in this study is first and foremost their status as ʹemerging economiesʹ, their strong economic growth, and their desire to be heard in the debate on international economic and financial governance. At the same time it seems clear that this is a grouping of very different countries in terms of level of development, geopolitical aspirations, economic structure, future challenges, and future prospects. As mentioned in the introduction, the question is whether their new-found wealth...

  6. 6 CONCLUSION
    (pp. 67-72)

    This study has addressed the question of whether a group of emerging economies are likely to coalesce into an economic or political bloc that would fragment global governance and promote alternative approaches to global economic, diplomatic, or security issues and develop a counterbalance to Western influence in existing economic, financial, and political institutions. The two main issues addressed are:

    The nature of the increased influence of emerging economies on the international stage

    The extent to which the emerging economies are cooperating strategically on economic, diplomatic and security matters

    Our brief review of large emerging economies shows that the recent decade...

  7. 8 ANNEX: INDIVIDUAL COUNTRY NOTES
    (pp. 93-181)