Please join the Arnold A. Saltzman Institute of War and Peace Studies and the Harriman Institute for a talk with Cynthia Roberts, Research Scholar, Saltzman Institute of War and Peace Studies and co-author of the book The BRICS and Collective Financial Statecraft (Oxford University Press, 2017) with commentary by Christian Deseglise, Co-Director, BRICLab, Center on Global Economic Governance. Jack Snyder, Robert and Renée Belfer Professor of International Relations, Department of Political Science and Member SIWPS, will moderate.
What are the implications of the recent emergence of China and other non-Western economies? In the early 21st century, five rising or resurgent powers (Brazil, Russia, India, China, and South Africa) formed an exclusive international club: the BRICS. The BRICS perceive an ongoing global power shift and contest the West’s pretensions to permanent stewardship of the world economic order. Despite their diversity, the BRICS cooperate to realize joint goals, including greater influence within the International Monetary Fund and World Bank, and the development of “outside options” to create 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 and a larger role for China’s currency in world markets. Although each member has unique motivations for collaboration, China controls resources that permit it the greatest influence in intra-club decision-making and with the United States and other incumbent rule-makers. The BRICS future 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.