Institutionalization of the New Forums: BRICS in the Global Governance System
International Affairs, 4, 2012
Posted: 21 Sep 2013
Date Written: February 1, 2012
Abstract
The BRICS countries’ position in today’s global governance system is defined by their increasing weight in the world economy. According to Jim O’Neill, who in 2001 predicted the economic growth in the BRIC countries, “all four of the BRIC countries have exceeded the expectations I had of them back in 2001. Looking back, those earliest predictions, shocking to some at the time, now seem rather conservative. The aggregate GDP of the BRIC countries has close to quadrupled since 2001, from around $3 trillion to between $11 trillion and $12 trillion. The world economy has doubled in size since 2001, and a third of that growth has come from the BRICs. Their combined GDP increase was more than twice that of the United States and it was equivalent to the creation of another new Japan plus one Germany, or five United Kingdoms, in the space of a single decade.”
But the increasing role of BRICS in the global governance system is not a function of only one variable – economic growth of BRICS countries. Strengthening cooperation of these countries significantly contributes to the BRICS increasing influence. Since the crisis year of 2008 BRICS members have been broadening and deepening their coordination in different policy spheres, different formats and at different levels.
Keywords: BRICS, global governance, international institutions
JEL Classification: F5
Suggested Citation: Suggested Citation