The BRICS and Collective Financial Statecraft

2018-11-12 / События

The BRICS and Collective Financial Statecraft

Cynthia Roberts, Leslie Armijo, and Saori Katada

This book:

  • Offers important insight into the relations between the BRICS countries and the US

  • Presents empirical analysis based on deep national and regional expertise

  • Introduces a theoretical framework that draws on insights from the fields of international political economy, international relations and comparative foreign policy

The BRICS and Collective Financial Statecraft (co-authored with L. Armijo and S. Katada) explains the improbable collaboration among the BRICS countries and evolution of China's leadership position, particularly in financial statecraft. It provides details of the BRICS collective pressure for “inside reforms” of international organizations and “outside options” involving new multilateral institutions and opportunities in international financial markets. The analysis reveals their common aversion to being targets of financial sanctions and subject to U.S. dominance of the global financial system and their attempts to gain greater financial autonomy without upending the international economic order.  Contrary to sweeping claims that China, Russia or the BRICS as a whole seek to overthrow the global governance system and liberal international order, this study shows important areas of constructive international cooperation, integration, and adjustment to both multilateral norms and market incentives.  The book also assesses the shifts in relative international power, comparing the BRICS economies and financial markets with the G-7 countries. The BRICS future, the book concludes, depends not only on their bargaining power and adjustment to markets, but also on their ability to overcome domestic impediments to sustainable economic growth, the basis for their international influence.