An Overview of the New Emerging Balance of Forces- ‘the BRICS, G 20 and G 7’ Response to the Global Financial Crisis
Journal Title: Asian Economic and Financial Review - Year 2011, Vol 1, Issue 2
Abstract
The USA and the EU economies have just been through a severe recession marked byfinancial turmoil, large-scale destruction of wealth, and declines in industrialproduction and global trade. As the result of reduction in the demand of products in theglobal market, continued falling prices due to lack of demand of their products. TheUSA economy is not competitive now. The current international financial crisis was anexplosion that was the ultimate result of the accumulation of a number of unbalanced,inconsistent and unsustainable factors in the world economy. It is a reflection of thelimitations of the liberal capitalist development concept of Western countries. It alsoshows the dangers of blindly copying the Western development model. The BRICScountries (Brazil, Russia, India, China and South Africa) and the G 20 replacing the G-7 in the wake of the economic crisis, as the premier global forum to deal with thecrisis, reflected a relative decline in the power of the US and other advanced capitalistcountries. The BRICS can represent the interests of all the developing countries. TheBRICS countries are not only the emerging largest economies but its growing strongeconomic and political relationship with the African, Latin American and Asiancountries; it may change in the international economic order through using commoncurrency in trade, sharing their own science and technology to improve and transformin agriculture, energy, and industrial sectors, and establishing a new military block sothey can provide security from the imperialist aggression. Of course, China would beas backbone of the BRICS.
Authors and Affiliations
Akhilesh Chandra Prabhakar| Assistant Professor in International Economics, Debre Berhan University, Ethiopia. Email: acpjnu@gmail.com
Keywords
Related Articles
- EP ID EP1716
- DOI -
- Views 972
- Downloads 77
COMPUTER SIMULATION AND PLANNING OF THE COMPANY PROFITABILITY
To achieve high job performance, the managers need to have information about the key activities of all sectors. If the flow of information is greater, the greater will be the knowledge and expertise in the company that a...
MICROECONOMIC GASOLINE CONSUMPTION ANOMALIES IN MEXICO: 1997-2007
Economic expansion in Mexico has caused fuel consumption to increase. Because Mexico does not have sufficient refinery capacity, over 40 percent of total gasoline consumed is imported. This has implications for the bal...
MONETARY UNCERTAINTY AND DEMAND FOR MONEY IN KOREA
Friedman’s volatility hypothesis asserts that increased volatility of money supply can lower the velocity of money or increase the demand for money. Previous studies have tested this hypothesis by using data from a few i...
THE IMPACT OF SALARY STRUCTURE, PERFORMANCE REQUIREMENTS, AND TYPE OF BUSINESS ON THE PERFORMANCE OF HOUSING BROKERAGE EMPLOYEES
This study investigated the effects of salary structure, performance requirements, and type of business on the performance of housing agents. The participants in the study survey consisted of the employees of real estate...
POVERTY AND INCOME INEQUALITY IN NIGERIA: ANY CAUSALITY?
The issue of poverty has continued to pose serious threat to the continued cordial existence of an economy like Nigeria. Issues pertaining to poverty and inequality have also continued to receive wider attention among sc...