Статья "The BRICS Challenge for Global Economy Institution..."

Наименование статьи	The BRICS Challenge for Global Economy Institutions. The Meaning of the New Development Bank
Страницы	35-38
Аннотация	Global economy institutions are now acknowledged to be in crisis be they the IMF, the World Bank or the WTO. The increasing role of the BRICS as a group aiming for global governance rule setting marks a substantial shift in our understanding of that system. In the path toward this aim, BRICS countries clearly moved form an “Voice or Exit” posture to an of “Voice and Exit” and then to the open creation of an alternative to “Global West” generated economic institutions. By doing so they demonstrated the accumulation of structural power leading to the creation of the New Development Bank. In turn, this creation allowed the BRICS countries to strengthen their structural power. The diminishing share of the “global West” in the world GDP and the growth experienced by “emerging powers” like China and India has pushed toward obsolescence most of the global economy institutions that were generated in the past-Second World War and the Cold War. Global economy governance has fallen from “Global West” hands partly because of these objective changes and partly because of subjective factors like an ill-fated US policy, a generalization of the practice of unilateral – hence illegal – sanctions, and partly because a reluctance, and even an open opposition, to reform existing global economy institutions. Countries from the “Global South” are now looking to BRICS countries and their structural power with an increasing sympathy
Ключевые слова	BRICS, exit, global economy, global governance, Global West, Global South, international institutions, international monetary system, multilateralism, New Development Bank, structural power, voice
Журнал	Economic and social changes: facts, trends, forecast
Номер выпуска	6
Автор(ы)	Sapir Jacques.
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