New Players, New Game?
New Players, New Game?
The Impact of Emerging Economies on Global Governance
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1 Introduction 2 Selection of Countries 3 Main Power Trends among the BRICS+ 3.1 Population 3.2 Economics 3.3 Public finances 3.4 Military Power 3.5 Technological Sophistication 3.6 Conclusions 4 BRICS+ and Global Economic Governance 4.1 Trade 4.2 Arms Trade 4.3 Protectionism 4.4 Reform of International Financial Institutions 4.5 Financial Initiatives 4.6 Conclusions 5 Diplomatic interactions of the BRICS+ and the West 5.1 Diplomatic Connections 5.2 The BRICS+ within the United Nations Security Council 5.3 Non-Proliferation 5.4 The BRICS+ and the Global Commons: Negotiations within the UNFCCC 6 Conclusion

New Players, New Game?

The Impact of Emerging Economies on Global Governance

The first decade of the 21st century has been a period of rapid eco¬nomic growth in many large emerging economies, especially China. While Western economies are weighed down by debt and austerity measures, many emerging economies are in much better fiscal shape.

The growing economic and financial momentum of Brazil, Russia, India, China and South Africa, as well as indonesia, Turkey and South Korea (or ‘BRICS+’), raises serious questions for Western decision makers. Of central strategic concern is whether (several of) the emerging economies are likely to coalesce into an economic or political bloc that might develop a counterbalance to Western influence in existing economic, financial and political institutions. The emergence of a de facto bipolar world with ‘the West against the Rest’ could increase the costs of doing business, severely complicate reaching agreement on transnational problems, challenge the promotion of Western values and human rights, lead to increased diplo¬matic or military tensions and potentially jeopardize the ongoing process of economic globalization.

Questions this study addresses include: could the BRICS+ pave the way to¬ward a new economic or political bloc? In what ways has the rise of emerg¬ing economies affected the international power balance? And, how could bloc formation impact on economic opportunities for European firms in these emerging economies?

Rem Korteweg

Rem Korteweg (1980) studied History of International Relations at Utrecht University and holds a PhD from Leiden University. He currently works as a strategic analyst at The Hague Centre for Strategic Studies, a think-tank focused on international and national security issues.

Artur Usanov

Artur Usanov is strategisch analist bij het Haags Centrum voor Strategische Studies.