An Overview of the New Emerging Balance of Forces-the BRICS, G 20 and G 7 Response to the Global Financial Crisis
The USA and the EU economies have just been through a severe recession marked by financial turmoil, large-scale destruction of wealth, and declines in industrial production and global trade. As the result of reduction in the demand of products in the global market, continued falling prices due to lack of demand of their products. The USA economy is not competitive now. The current international financial crisis was an explosion 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 the limitations of the liberal capitalist development concept of Western countries. It also shows the dangers of blindly copying the Western development model. The BRICS countries (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 the crisis, reflected a relative decline in the power of the US and other advanced capitalist countries. The BRICS can represent the interests of all the developing countries. The BRICS countries are not only the emerging largest economies but its growing strong economic and political relationship with the African, Latin American and Asian countries; it may change in the international economic order through using common currency in trade, sharing their own science and technology to improve and transform in agriculture, energy, and industrial sectors, and establishing a new military block so they can provide security from the imperialist aggression. Of course, China would be as backbone of the BRICS.
Volume (Year): 1 (2011)
Issue (Month): 2 (June)
|Contact details of provider:|| Postal: Sadeeq Block, Near Fawara Chowk, Abbasia Town, Rahim Yar Khan - 64200, Punjab, Pakistan|
Web page: http://www.aessweb.com/
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Etienne Wasmer & Philippe Weil, 2004.
"The Macroeconomics of Labor and Credit Market Imperfections,"
American Economic Review,
American Economic Association, vol. 94(4), pages 944-963, September.
- Wasmer, Etienne & Weil, Philippe, 2002. "The Macroeconomics of Labour and Credit Market Imperfections," CEPR Discussion Papers 3334, C.E.P.R. Discussion Papers.
- Wasmer, Etienne & Weil, Philippe, 2000. "The Macroeconomics of Labor and Credit Market Imperfections," IZA Discussion Papers 179, Institute for the Study of Labor (IZA).
- Olivier J. Blanchard & Mark W. Watson, 1986.
"Are Business Cycles All Alike?,"
in: The American Business Cycle: Continuity and Change, pages 123-180
National Bureau of Economic Research, Inc.
- Giorgio Primiceri & Alexander Monge-Naranjo & Francisco Buera, 2008.
"Learning the Wealth of Nations,"
2008 Meeting Papers
179, Society for Economic Dynamics.
- Francisco J. Buera & Alexander Monge-Naranjo & Giorgio E. Primiceri, 2008. "Learning the Wealth of Nations," NBER Working Papers 14595, National Bureau of Economic Research, Inc.
- Buera, Francisco & Monge-Naranjo, Alexander & Primiceri, Giorgio E, 2010. "Learning the Wealth of Nations," CEPR Discussion Papers 8030, C.E.P.R. Discussion Papers.
- James Gwartney & Robert Lawson, 2003. "What have we learned from the measurement of economic freedom?," Proceedings, Federal Reserve Bank of Dallas, issue Oct, pages 217-238.
- Beck, Thorsten & Demirguc-Kunt, Asli & Levine, Ross, 1999. "A new database on financial development and structure," Policy Research Working Paper Series 2146, The World Bank.
- Garey Ramey & Valerie A. Ramey, 1994.
"Cross-Country Evidence on the Link Between Volatility and Growth,"
NBER Working Papers
4959, National Bureau of Economic Research, Inc.
- Ramey, Garey & Ramey, Valerie A, 1995. "Cross-Country Evidence on the Link between Volatility and Growth," American Economic Review, American Economic Association, vol. 85(5), pages 1138-51, December.
- Badinger, Harald, 2010. "Output volatility and economic growth," Economics Letters, Elsevier, vol. 106(1), pages 15-18, January.
- Ricardo J. Caballero & Mohamad L. Hammour, 1991.
"The Cleansing Effect of Recessions,"
NBER Working Papers
3922, National Bureau of Economic Research, Inc.
- M. Ayhan Kose & Christopher Otrok & Charles H. Whiteman, 2003. "International Business Cycles: World, Region, and Country-Specific Factors," American Economic Review, American Economic Association, vol. 93(4), pages 1216-1239, September.
- Berkmen, S. Pelin & Gelos, Gaston & Rennhack, Robert & Walsh, James P., 2012.
"The global financial crisis: Explaining cross-country differences in the output impact,"
Journal of International Money and Finance,
Elsevier, vol. 31(1), pages 42-59.
- R. G Gelos & Robert Rennhack & James P Walsh & Pelin Berkmen, 2009. "The Global Financial Crisis - Explaining Cross-Country Differences in the Output Impact," IMF Working Papers 09/280, International Monetary Fund.
- Erik Berglof & Yevgeniya Korniyenko & Alexander Plekhanov & Jeromin Zettelmeyer, 2010. "Understanding the Crisis in Emerging Europe," Public Policy Review, Policy Research Institute, Ministry of Finance Japan, vol. 6(6), pages 985-1008, September.
When requesting a correction, please mention this item's handle: RePEc:asi:aeafrj:2011:p:67-82. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Qazi Muhammad Imran)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.