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.




India gained independence in 1947. From that year until the early 1990s, successive governments adopted inward-oriented development strategies with the state assuming a dominant role in the economy via state planning. Market forces were not permitted to play a major role in resource allocation. In the wake of a 1991 balance-of-payments crisis, India set in train a series of stabilisation-cum-structural adjustment measures with far-reaching effects. Their central objective was to reintegrate the Indian economy with the world economy by reducing barriers to trade and investment, and deregulation of a highly bureaucratised economy. The promotion of FDI was also seen as a way of reducing the country’s dependence on debt-creating capital inflows, while at the same time renovating Indian industry’s archaic technologies and easing its entry into international markets.


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