Institutionalization of the New Forums: BRICS in the Global Governance System

International Affairs, 4, 2012

Posted: 21 Sep 2013

See all articles by Marina Larionova

Marina Larionova

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Center for Studies of International Institutions

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

Larionova, Marina, Institutionalization of the New Forums: BRICS in the Global Governance System (February 1, 2012). International Affairs, 4, 2012 , Available at SSRN: https://ssrn.com/abstract=2328624

Marina Larionova (Contact Author)

Russian Academy of National Economy and Public Administration under the President of the Russian Federation (RANEPA) - Center for Studies of International Institutions ( email )

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