Can BRICS Shape a New World Order?

Abstract

Oliver Stuenkel. (2015). The BRICS and the Future of Global Order . Lexington Books, London, 213 pp., $90.00 hardcover (ISBN 978-0-7391-9321-1). On the face of it, the BRICS grouping seems to be gaining momentum with every passing year. Brazil, Russia, India, China, and South Africa, collectively referred to as the BRICS, launched the multi-billion-dollar development bank at their seventh annual summit, held in the Russian city of Ufa amid efforts to finance infrastructure projects, mainly in member countries. And in July 2015, the $100 billion New Development Bank (NDB) was inaugurated by the BRICS as an alternative to the World Bank and IMF to boost infrastructure funding in the emerging economies and offer them tailor-made services. The NDB has been conceived as a counterbalance to US-led financial institutions like the World Bank and IMF by providing funding for infrastructure and development projects in BRICS countries. Each nation will have an equal say in the bank’s management, regardless of GDP size, according to its officials. The NDB is also backed by the China-floated USD 50 billion Asia Infrastructure Investment Bank (AIIB) that India and 56 other countries have joined. The reality, however, is much different from the annual summitry. India remains the only bright spot in the grouping, while the others are languishing. Brazil is slipping into recession. Russia is already there, following the collapse in oil prices and the sanctions that were imposed on it following its adventures in the Ukraine. South African economic output has virtually stagnated. And China, while still growing, looks set … harsh.pant{at}kcl.ac.uk