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

INFORMATION TECHNOLOGY AND ACCOUNTING INFORMATION SYSTEM IN THE NIGERIAN BANKING INDUSTRY

Information technology has tremendously stimulated expansion of the banking networks and range of the offered services during recent years. The information technology has become a critical business resource because its a...

PROSPECT OF E-BANKING IN BANGLADESH: NEW WAY TO MAKE BANKING ELECTRONIC

Being a developing country E-banking opened up tremendous opportunity to the financial sector and economic development of Bangladesh. This paper studies prospects of e-banking in Bangladesh, considering the performance o...

SHAPING ORGANIZATIONAL LEARNING CAPABILITY THROUGH ORGANIZATIONAL INTELLIGENCE: AN EMPIRICAL EVIDENCE FROM JORDANIAN FIRMS

This study aims to investigate the role of Organizational Intelligence (OI) in Organizational Learning Capability (OLC) from the viewpoint of the managers in the telecommunications companies in Jordan. The data is collec...

DETERMINANTS OF INWARD FDI IN MONGOLIA: AN APPLICATION OF THE ARDL BOUNDS TESTING APPROACH TO COINTEGRATION

The study at hand is the first of its kind that aimed to provide a comprehensive analysis of the determinants of foreign direct investment (FDI) in Mongolia by analyzing their short-run, long-run, and Granger causal rela...

EFFICIENCY OF MOISTURE STRESS RISK COPING STRATEGIES IN NORTH EASTERN ETHIOPIA: APPLICATION OF MEAN-VARIANCE EFFICIENCY ANALYSIS

This research investigated the efficiency of the crop enterprise mix farmers formulate to cope with moisture stress risk given the different constraints they are living with. Farmers’ moisture risk coping strategies are...

Download PDF file
  • EP ID EP1716
  • DOI -
  • Views 1079
  • Downloads 77

How To Cite

Akhilesh Chandra Prabhakar (2011). An Overview of the New Emerging Balance of Forces- ‘the BRICS, G 20 and G 7’ Response to the Global Financial Crisis. Asian Economic and Financial Review, 1(2), 67-82. https://europub.co.uk/articles/-A-1716