Washington after Fortaleza
Written by Christopher WoodFour months after the BRICS (Brazil-Russia-India-China-South Africa) launched their New Development Bank and Contingent Reserve Arrangement (CAR) at a Summit held in Fortaleza, Brazil, the World Bank and IMF convened for their Annual Meetings. For all the fanfare that met the announcement of the BRICS’ new financial infrastructure, not a lot has changed.
Global Economic Governance: Radical transformation or incremental reform?
Written by Gunter BenderIn a recent interview with BBC Hardtalk, the economist and futurologist Jeremy Rifkin propounded a radical new vision of capitalism, or rather the end of capitalism, one where people produce their own energy, produce and share what they need and build an economy based on collaboration not competition.
South Africa in the G20: Changing perceptions of Africa?
Written by Emma Bonvalot-NoirotFor some the Group of 20 (G20) is synonymous with political symbolism, for others the G-20 yields much influence in setting agendas for the global economy through the framing of discourses and the prioritisation of some ideas and policies over others. For South Africa, being the only African member of the G-20 brings with it the – at times, burdening – ‘first in Africa’ label. Although internationally of relatively small…
Africa at Jackson Hole
Written by Christopher WoodThe Jackson Hole summit (officially the Federal Reserve Bank of Kansas City’s Economic Symposium, held 21-23 August 2014), was one of the more subdued in recent memory. Every comment coming out of the annual retreat of the world’s top central bankers has been closely scrutinised over the last few years, as nervous markets searched for clues on how regulators would manage the financial crisis and the ensuing recovery. But even…
South Africa and the G-20
South Africa is the only African member of the Group of 20 (G-20) and therefore carries the weight not only of its own national interests but of being a voice for the concerns of African and low income countries. While South Africa has no official mandate to represent anyone but itself, there is implicit pressure to ensure that those countries and institutions who participate in the G-20 processes at least…
Creating infrastructure for the New Development Bank is a milestone for BRICS
Written by Sanusha NaiduThe seaside resort of Fortaleza in the northern part of Brazil was the destination for the sixth summit for the Brazil, Russia, India, China and South Africa (BRICS) group of nations. Flying into the city, one would not be immediately aware it was playing host to this increasingly significant geo-strategic platform of the Global South. Daily life moved along routinely.
South Africa's changing economy in the context of BRICS
Written by Wolfe Braude
Ties with other emerging economies crucial
Written by Elizabeth Sidiropoulos and Christopher WoodAfter five years of introspection and institution building, the sixth BRICS summit offers an opportunity for the group to focus on its relations with the rest of the world. Relations with the Group of 7 (G-7) are particularly contentious. Russia's exclusion from the G-8 following the crisis in Crimea has moved the BRICS to the centre stage in Russian foreign policy thinking, and risks pulling the group onto an opposition…
Role of BRICS in African regional integration and development
Written by Memory DubeSouth Africa hosted the fifth BRICS Summit in Durban in March 2013. This summit was a first for South Africa and for the BRICS in more ways than one. Notable was the fact that it was the first summit held under a theme that went beyond the five BRICS members and resonated with the continent in which the Summit was being hosted. The theme for the Summit was, “BRICS and…