Globalisation and Emerging Economies

Brazil, Russia, India, Indonesia, China and South Africa

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OECD countries still dominate the world economy, but their share of world trade dropped from 73% in 1992 to 64% in 2005, and some of the world’s most important economies are not members of the OECD. Foremost among these are the so-called BRIICS: Brazil, Russia, India, Indonesia, China and South Africa.

This book analyses key elements of the trade performance of the BRIICS in relation to the rest of the world, focusing on trade and other policies influencing that performance. Developments in global trade policy are reviewed, notably the impact of preferential trade agreements on the multilateral system and patterns of world trade are described using both indices that reveal networks of trading relations and more standard modeling results.

As well as the global analysis, the book also presents a separate chapter for each of the BRIICS, examining the key development and trade issues in each of the six countries over the past few years.



Globalisation and the Political Economy of Trade Liberalisation in the BRIICS

This paper tries to make sense of trade-policy developments in the BRIICS (Brazil, Russia, India, Indonesia, China and South Africa), against the backdrop of trade and foreign-direct-investment (FDI) liberalisation in developing countries and countries in transition since the early 1980s. Its accent is on political economy, comparing the countries concerned to show how politics and institutions interacted with economic conditions, and shaped the relative success or otherwise of reforms. National trade-policy reforms must also be seen in the context of modern economic globalisation. The global macroeconomic climate, in addition to global patterns of trade, FDI and technological change, set the external economic context of constraints and opportunities for nation-level policies in the BRIICS. Then there is the global political context: international rules and international economic organisations (such as the WTO, IMF and World Bank), and the role of the major powers, especially the USA.


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