The BRICS and Collective Financial Statecraft

Cynthia Roberts (Associate Professor of Political Science, Associate Professor of Political Science, Hunter College),Leslie Elliott Armijo (Visiting Scholar and Non-Resident Fellow, Visiting Scholar and Non-Resident Fellow, Portland State U and American Univ.),Saori Katada (Associate Professor of International Relations, Associate Professor of International Relations, USC)

The BRICS and Collective Financial Statecraft
Format
Paperback
Publisher
Oxford University Press Inc
Country
United States
Published
11 January 2018
Pages
288
ISBN
9780190697525

The BRICS and Collective Financial Statecraft

Cynthia Roberts (Associate Professor of Political Science, Associate Professor of Political Science, Hunter College),Leslie Elliott Armijo (Visiting Scholar and Non-Resident Fellow, Visiting Scholar and Non-Resident Fellow, Portland State U and American Univ.),Saori Katada (Associate Professor of International Relations, Associate Professor of International Relations, USC)

In the early 21st century, five rising powers (Brazil, Russia, India, China, and South Africa) formed an exclusive international club, the BRICS. Although not extreme revisionists, the BRICS recognize an ongoing global power shift and contest the West’s pretensions to permanent stewardship of the existing economic order. Together they exercise collective financial and monetary statecraft to achieve larger foreign policy goals. The BRICS share common resentments-of
U.S. dominance of the global financial system, of playing junior roles in economic governance, and of serving as frequent targets of financial sanctions. They also share common objectives, such as obtaining greater financial autonomy and influence within the Bretton Woods institutions. Their financial statecraft ranges from pressure for the internal reform of international organizations and markets to operating outside the system through the creation of both new multilateral institutions and opportunity structures in international financial markets. To the surprise of many observers, the joint actions of the BRICS have been largely successful. The BRICS’ future depends not only on their bargaining power and ability to successfully adjust to market shifts, but also on their ability to overcome domestic impediments to sustainable economic growth, which is the ultimate basis for their international influence.

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