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 971
- Downloads 77
GENDER DISPARITY IN FUNCTIONALITY AND CONSEQUENCE OF MICROFINANCE: DOES IT FUNCTION CURRENTLY?
This study has been designed to represent gender disparity in different issues like adequacy of loan amount, rate of interest, formalities to take loan and consequence of microfinance in poverty alleviation. Both descrip...
IMPACT OF ISLAMIC BELIEF ON THE DEMAND FOR LIFE ASSURANCE POLICIES IN LAGOS STATE, NIGERIA
Religion has been identified as an important factor that shapes people’s perception about life. Particularly issues relating to safety and security, arising from this, the challenge lies on the insurance practitioners in...
INFLATION THRESHOLDS AND ECONOMIC GROWTH: EVIDENCE FROM NIGERIA
Inflation is one of the most challenging macroeconomic objectives capable of frustrating every pragmatic effort at achieving other macroeconomics goals if not curtailed. To this end, the paper empirically examines the th...
A COMPARATIVE STUDY OF THE STRUCTURE OF SUPERVISING THE FINANCIAL MARKETS IN IRAN AND THE SELECTED COUNTRIES
Financial markets are the most important sectors of each country?s economy. Having the desired economic growth rate will be impossible without an efficient institution. The most basic interaction efficiency and proper fu...
DOES HIGHER EDUCATION REDUCE POVERTY AMONG YOUTHS IN NIGERIA?
Poverty is a serious problem in Nigeria with estimated 70.2 percent of Nigerians on less than 1$ daily. Poverty in Nigeria resembles a paradox, with her wealth; she still faces an enormous challenge in her effort to redu...