In a time when Europe is fighting a severe recession and growing economic divergence between its member states, China proposes a currency swap with Brazil to assure access to its raw materials and large consumer market and a BRICS Development Bank including a contingent Reserve Arrangement up to Billion to support these countries is in the works. Will Europe have to step aside as a global leader in the near future? In this view, each actor is only concerned with its individual and relative gain instead of absolute gain for multiple countries. Self-interest and survival are their only concern.
Explore the latest strategic trends, research and analysis The BRICS club Brazil, Russia, India, China and South Africawhich used to be known The rise of brics its tremendous growth potential, is today in the midst of severe economic and political woes.
Apart from the Federal rate increase which has contributed to the mounting debt burden for these economies; falling global commodity prices have affected these emerging markets which rely heavily on export led growth.
Moreover, the structural transformation of China, which has been the main driver of this group, from an export driven economy to a one relying on domestic consumption, has added to the current woes of BRICS. Among these economies, India is the only country which has shown signs of strong potential for growth.
It has largely benefited from being a net importer of crude and other commodities whose prices have fallen and also has the advantage of being less susceptible to the market volatility as it is less dependent on exports for its growth.
The share of exports of goods and services in GDP in was However, economic reforms initiated by the Indian Prime Minister Narendra Modi, have led to greater foreign investments and improved economic competitiveness in recent times. Meanwhile, Russia outperforms the rest of the economies in terms of Basic Human Needs Nutrition and basic medical care, Air, water and sanitation, Shelter and Personal safetyBrazil leads the group on Foundations of Wellbeing Access to basic knowledge, Access to information and communication, Health and wellness, and Ecosystem sustainability and Opportunity Personal rights, Access to higher education, Personal freedom and choice and Tolerance and inclusion dimensions of the SPI.
India, which belongs to the group of low social progress countries, falls behind the other BRICS countries in both Basic Human Needs and Foundations of Wellbeing and only stays ahead of China in the Opportunity dimension.
The homicide rate, defined as deaths deliberately inflicted on a person by another person, perpeople, is 5 on a scale of for both countries. In contrast, China has the lowest homicide rate of 1. Moreover, the rate of traffic deaths has been observed to be the highest for South Africa, followed by Brazil.
Areas such as Water, Sanitation and Shelter have been challenging for India primarily due to lack of access to piped water, improved sanitation facilities, electricity and household air pollution. Maternal mortality rate and child mortality rates are also very high in India relative to the others in the group.
On the front of health and wellness, South Africa has the lowest life expectancy for its population China, Russia and South Africa have high content of greenhouse gas emissions relative to Brazil and India.
On the dimension of Education, Russia has the highest adult literacy rate of The average number of years of school attended by women between the age group of years is as low as 5. While, India shows a weak performance on this front compared to other countries, it stays far ahead of China and Russia on personal rights such as political rights, private property rights and the like.
A cross country comparison for the BRICS shows that economic progress alone may not necessarily translate into a higher quality of life for these economies. The chart below shows that countries such as Brazil and South Africa, which lag behind Russia in GDP per capita, are socially more progressive.
While India still needs to invest its resources in meeting its basic human needs, countries such as China and Russia need to bring about institutional changes that could protect the rights and freedom of its people. The bloc needs to address environmental issues by building energy efficient technologies that could lead to the path of sustainable development.
In addition to this, South Africa and Brazil should focus on ensuring personal safety to its people. Greater government support through increased spending on social sectors or though policy changes may promote social development and protect the falling BRICS. A measure in this direction has been taken up by the Brazilian economy through a construction of SPI for its Amazon region, which covers municipalities and nine states.
The region has been marked down for social development compared to other regions of Brazil, primarily due to activities such as deforestation, leading to depletion of natural resources.
Such sub-national level initiatives can play a pivotal role in fostering social progress, through identification of specific communities where a country is falling behind, and assist in designing development models targeting the social or environmental progress of these regions. This article is part of our Beyond GDP series.
You can read more here.3! Ban, Cornel, and Mark Blyth, “Dreaming with the BRICs: The Washington Consensus Outside the Core,” Review of International Political Economy, April (read the whole special issue).
SESSIONS 3 Development Choices in China. Home / Articles / The Rise and Fall of the BRICS?
(1) the rise of the middle class Perhaps the broadest lesson from the emergence of the BRICs is that no rise is complete without the triumph of the middle class. By Dorothy-Grace Guerrero. It is commonly said that the world is entering a multipolar phase in global governance with the “rise of the South” or the increasing powers of emerging economies China, India, Brazil, Russia and South Africa (from hereon the BRICS) and the strengthening of their relations as seen in the succeeding BRICS Summit since BRICS leaders. From left: Brazil's Dilma Rousseff, India's Pranab Mukherjee, Russia's Vladimir Putin, China's Xi Jinping, South Africa's Jacob Zuma. Photo credit: Wikimedia Commons.
The post-Cold War world defined by the spread of Euro-Atlantic institutions, practices, and values across the rest of the world has come to an end. The Rise of the BRICs And the new logic in international politics. T he winners of the great globalization push of the s were small states such as New Zealand, Chile, Dubai, Finland, Ireland, the Baltic Republics, Slovenia, and Slovakia.
The East Asian tigers that pushed themselves onto the. 1! The Rise of the BRICs and the Global Economy SESSIONS: 12 PROFESSOR: Cornel Ban Email: [email protected] OBJECTIVES & DESCRIPTION Why have some developing countries grown richer whereas others got poorer?
A little over a decade ago Africa was being spoken of in the media as the 'lost' or 'hopeless' continent.
Now it has some of the fastest growing economies in the world, largely because of the impact of the BRICS: Brazil, Russia, India, China and South Africa. The Rise of the BRICs And the new logic in international politics. T he winners of the great globalization push of the s were small states such as New Zealand, Chile, Dubai, Finland, Ireland, the Baltic Republics, Slovenia, and Slovakia.
The East Asian tigers that pushed themselves onto the.