Author
Listed:
- Akhilesh Chandra Prabhakar
Abstract
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.
Suggested Citation
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, Asian Economic and Social Society, vol. 1(2), pages 67-82.
Handle:
RePEc:asi:aeafrj:v:1:y:2011:i:2:p:67-82:id:712
Download full text from publisher
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:asi:aeafrj:v:1:y:2011:i:2:p:67-82:id:712. See general information about how to correct material in RePEc.
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.
We have no bibliographic references for this item. You can help adding them by using 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 RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Robert Allen (email available below). General contact details of provider: https://archive.aessweb.com/index.php/5002/ .
Please note that corrections may take a couple of weeks to filter through
the various RePEc services.