HOW BRICSAND THE SOUTH-SOUTH

COOPERATION IS RESHAPING THE

GLOBAL POLITICAL ECONOMY

0
Table of Contents

Introduction..............................................................................................................................1

Past Global Political Economy Landscape..............................................................................1

BRICS and the South-South Cooperation...............................................................................3

BRICS in the current developments of the Global Political Economy...................................8

BRICS financial developments and cooperation..........................................................................8

Reform of the IMF..........................................................................................................................8

New Development Bank..................................................................................................................9

Growing Political influence through voting power.....................................................................10

Conclusion..............................................................................................................................12

Bibliography............................................................................................................................12

Plagiarism Declaration...........................................................................................................14
Introduction
The global political economy has for years been the subject of many scholarly debates on the
study of various interactions between political and economic institutions and how they
influence each other. Though it has been a very fluctuating landscape for many years even
dating back to the early empires where many held great political and economic power but
was nonetheless quickly replaced by the bigger and greater succeeding empire. The same
events were witnessed in recent decades where more prominent political and economic
“empires” have ascended to oust the previous, with particular emphasis after the Cold War.
Most noticeable the emergence of the BRICS group has also been leading discussions under
global political economy scholars on what its significance and influence is globally.
Correspondingly this essay will argue the significances of BRICS and the South-South
Cooperation on the current global political economy by looking at their impact on the
financial sphere and growing political power. This will be done by first observing the global
political economy landscape in earlier years with particular emphasize on the 2008 financial
crisis. Following will be the conceptualization of BRICS and its involvement within the
South-South Cooperation. Furthermore, the role of BRICS in the current global political
economy will be evaluated with specific significance placed on financial domains like the
BRICS influence on the IMF reform and the establishment of the New Development Bank.
Lastly there will also be argued how the BRICS alliance political power is seen in the present
global political economy landscape and how it has to some degree “reshaped” the global
political economy.

Past Global Political Economy Landscape

The emergence of the global political economy found prominence in the early 1970’s
especially after the Cold War where there was a noticeable power shift with the United States
rising as the new major power both economically and politically. This was also followed by
the formation of many economic institutions such as the International Monetary Fund (IMF),
World Bank and World Trade Organization (WTO) (Ravenhill, 2020:53). These institutions
enhanced the expansion of international trade to foster the growth of globalization through
global economic and political cooperation. The rapid growth of globalization also further
stimulated the creation of integrated markets to advance the GDP of states through the use of
international trade and international cooperation. The global political economy reached a
point where many states, usually developing states, were required to partake in the global
economic operations as a way to promote their own GDP developments (Ravenhill, 2020:73).
For instance, where states need to be part of the WTO in order to trade freely with other
states. Therefore, many states became increasingly reliant on the activities in the global
political economy and international institutions of the IMF, World Bank and WTO which
emphasized the growing interdependence of multiple states. Consequently, these states
became determined to become involved and was therefore introduced to the regulations put
forth by many global institutions to implement new “rules of the game” for nations to adhere
to certain rules and regulations to be able to partake. The end of the Cold War was seen as a
momentous shift of power as well as the political landscape with the United States rising to
be seen as the new frontrunner of the global political economy and upholding a liberalization
of the economy (Dickins, 2006:481). The United States has since been seen as a hegemony
with its great economic power as well as political influence over other states and international
organizations. Its hegemonic power brought in a liberal order through the shaping of
ideological perceptions in global institutions like the IMF, World Bank and WTO (Saull,
2010:8). This meant that the global political economy functioned from predominantly a neo-
libertarian perspective and thus the institutions that were formed also shared this perspective
and applied procedures according to it.

The study of the global political economy embraces numerous spheres from politics to
economics with special regards to financial orders which is conceptualized as
“financialization”. The explanation of financialization refers to the growing significance of
financial markets and its motives from international financial institutions and elites operating
in the governing of economies (Pataccini, 2014:295). The financial markets can influence
global economies immensely and this was evident in the 2008 financial crisis. The 2008
financial crisis is seen as the most severe worldwide economic catastrophe since the Great
depression and caused a global recession on all economies. The crisis led to economic
dominant states like the United States, European Union and Japan to be hampered with
higher debt-to-GDP ratio’s that further declined global economic activities (Drezner and
McNamara, 2013:155). This therefore showed the importance and influence financial markets
holds, especially in times of crisis, but also in general, financial markets and institutions carry
great weight. Trough looking at the Bretton Woods institutions like the IMF and World Bank,
it can be argued that these institutions have the power to adopt certain regulations and
policies that can affect global economies. This can be in the form of specific rules that are
intended to create “stable expectations of behaviour as well as to handle deviations from
expected behaviour” (Drezner and McNamara, 2013:156). Which also means that financial
institutions can exert power and control over states to act in specific ways and also to restrain
them if they do not follow the set out procedures and regulations. With this, states can
sometimes be excluded from engagements if they do not have the same economic and
political views. This consequently leaves some states displeased and also at a disadvantage
which then sets the stage for the restructuring of financial markets and motives that has been
evident in the BRICS grouping that will proceed in the following discussions

BRICS and the South-South Cooperation

BRICS is the grouping of five prominent emerging economies of Brazil, Russia, India, China,
and South Africa which joined later in 2010. It was initially introduced as BRICs before
South Africa joined and was later changed to what it’s known today as BRICS. The acronym
was coined by Goldman Sachs in which he signified the potential of the associated states to
become the new “heavyweight” actors in the global political economy (Chakroborty,
2018:184). The focus behind the grouping of these states was to foster greater cooperation in
both the economic and political domains in developing states especially in the Global South.
BRICS claims is towards advocating for the development of the Global South which
associates them notably with the South-South Cooperation (SCC). The SCC is regarded as
the relationship and interactions between states situated in the Global South (Diko and
Sempijja, 2021:151). Consequently, BRICS is prominently associated with the SSC to further
promote cooperation between Global South states that would in time advance the economic
and political governance of these states. It was estimated that in 2021 the BRICS members
accounted for a combined GDP of more than 25 per cent of the international GDP (Lin,
2022). It is clear that the BRICS members have become an opponent for other states and
international federations in the global economic and political spheres, but the same beliefs
were not held in the past. Scholars of the global political economy contended that it was
difficult to imagine that some states under BRICS would have amount to influenceable
political and economic positions in the international community. This is like South Africa
would be a key actor in the WTO, that Brazil would develop into a regional leader in Latin
America and lastly that China would become the second biggest economy in the world (Vom
Hau, 2017:1). Therefore, it needs to be considered how the BRICS sates were able to rise to
the place they are in currently.
The formation of the BRICS alliance had important significances for the associated states.
Each country on its own is seen as regional powers with growing GDP’s and has since
benefited from joining the group. It will be argued whether the joining of BRICS assisted the
states in their economic and political presence in the global political economy as well as their
role in regional power governance. Sudip Chakraborty (2018:183) has noted that for states to
become recognized in the global affairs, would be determined of the regional power they hold
through the advancement in their economies and growing GDP’s. Brazil will be assessed first
by looking at its power and prominence in its region and the export sector. Brazil has for
some time been a rising regional economic power as well as a key exporter in the
international trade relations. This is because of its prosperous agriculture sector to which a
vast number of commodities are exported. Brazil’s exports grew exponentially of an average
from 9.4 per cent yearly and is now the third largest agricultural exporter in the world falling
just behind the United States and the European Union (EU) (Valdes, 2022). It could be
argued that through BRICS and the SSC trade and cooperation was fostered which aided in
Brazil’s growing economy and trade relations. Adrianna Abdenur (2014:89) noted that the
SSC helped Brazil to diversify its economic institutions which further projected its influence
in South America and Africa. With this Brazil had more opportunities to expand its reach in
the international community through the incentive of greater trade relations and cooperation
to foster GDP growth. Also, by looking at Brazil’s regional power it can noted that the
BRICS alliance has advanced Brazil standing in South America. Brazil has focused
significantly on regional mobilization to develop strategic economic ties with its bordering
states through the promotion of bilateral relations and has been accomplished through the
increase of foreign direct investment, construction of ports and roads in neighboring states as
well as financial aid from the Brazilian government to corporations to expand into other
regions (Vom Hau, 2017:2). Consequently, it can be recognized that through the SSC and
association with BRICS that Brazil expanded its dominance as a regional power and also
grew exponentially in its trade that further promoted the growth of its GDP.

The next BRICS member to be examined is Russia which still is a very noticeable economic
powerhouse in the global politically economy even after the severe consequences of the Cold
War. Russia is the leading exporter of natural gas, petroleum, military technology, and
nuclear equipment which makes it very influential in the economic spheres of these
commodities (Ünay, 2013:86). Also with Russia’s economic dominance, it’s a giant regional
power with relations from many bordering states. Russia’s biggest trading partners are China
with exports amounting to a massive $49.3 billion, Belarus with exports worth $22.5 billion
and Germany with $14.2 billion dollars’ worth of exports (OEC, 2022). This makes Russia a
very important economic exporter in its region and is also connected with great regional
power. Moreover, Russia has been seen to have taken strategic steps before the establishment
of BRICS to promote its economic growth. This was perceived when Russia led the original
formation of BRICS to an alliance of emerging global economies to emergent powers in
international relations (Ünay, 2013:86). This was a strategic play from Russia to further
develop its economic prosperities as well as gaining influence in the global community
through its exports and most notably establishing good relations with its BRICS members to
further promote cooperation. Although Russia has not officially specified that it regards itself
as a partner of the SSC it does support the SSC operations through donations to the World
Bank (Singh, 2017:6). Nonetheless, Russia has and still is a very prominent economic actor
in the global political economy especially through its export and trade sectors as well as
being an important regional power that could further promote the BRICS objective and
further develop its economic and political presence in the international community.

Following is India which is the sixth biggest economy in the world and one of the largest
developing states. India is internationally recognized as a country with leading manufacturing
and services corporations that brings in immense growth to its economy through specializing
in outsource and offshore service sector, information technology services and has a reputation
for entrepreneurialism and innovation under its citizens (Lowe, 2016:52). This makes India
one of the fastest growing economies in the global market and with it comes the growing
influence of economic and political spheres. India has changed from a low-income country
(LIC) to a middle-income country (MIC) status which further advances its economic standing
in the global community (Morazán et al, 2012:10). India is among Russia and China,
although to a lesser extent, also a prominent regional power in Asia (Lowe, 2016:51). This is
especially through the change from a LIC to a MIC which further promotes the growth of
GDP and helps to expand India’s influence into other neighboring states. With that India has
also become a donor to other neighboring LICs where India has contributed an estimate of
$200 billion to the New Partnership for Africa’s Development (NEPAD) and is also
advancing SSCs through improving technology inputs of the Pan-African E-Network Project
(Morazán et al, 2012:13). These actions have led to India becoming a very influential actor in
its region as well in the global society. Furthermore, through the partnership of BRICS, India
has gained access to supply chains from other Global South states which then further
develops the SSC model to promote cooperation (Singh, 2017:4). Thus, it can be stated that
India has advanced its economy and GDP well through its association with BRICS to also
promote its presence further in the global economic and political spheres.
Arguably the most important and influential BRICS member is that of China. The way in
which China was able to transform its economy from a very poor GDP in earlier decades to
becoming the second largest in present times has been at the top of global political economy
scholarly debates. China has been able to do this through the restructuring of its economy
form industry led to services led, by expanding its domestic consumption sector and through
global investments (Mminele, 2016:3). Making it an economic force to be reckoned with and
has ever since been dominating most economic markets which has left other major powers in
the international community at an unease. During the 2008 financial crisis when most of the
global economies suffered, China then came out to become the biggest contributor to the
growth of the global political economy (Lowe, 2016:53). This has already by then caused big
debates about China’s prominence in the future of the global political economy. Accordingly,
China is for certain the most powerful member of the BRICS alliance with its ever growing
economy and political influence in the global community. Its economy is unmatched by the
other members and China also holds vast political power by having veto power over any
BRICS notions brought forth (Lowe, 2016:52). Therefore, exhibiting China’s role in the
BRICS alliance and how it can be used to promote China’s economic and political interests.
Likewise, China is the leading regional power in Southeast Asia, through its growing
economy and political capacity (Chakraborty, 2018:185). This is done through the trade
relations, economic connections and political influence China has with bordering states like
Japan, South Korea, Germany, and India. It has similarly been argued that China was the
main initiator to “rebirth” the SSC especially when it started to heavily invest in the African
continent and has since exceeded all of the previous investments and contributions from the
Global North (Singh, 2017:3). This is where China is trying to flex it economic muscles to
surpass the Global North’s involvement in Africa and also to promote better relations with
African states to gain their trust and cooperation. This also brings in forms of critique that
argues China is only using the BRICS objectives for their own economic and political gain
but so too are the other members. Nonetheless through the association of BRICS, China has
succeeded in both reinforcing its dual identity as an avid supporter of the SSC as well as the
rising influence it holds in the global political economy (Adbenur, 2014:90). This is where
China uses it economic prosperity to both further its own political and economic interests and
promote the interests of states associated with the SSC. BRICS helps China to counter the
United States hegemony by allowing it to form important relations with other rising powers
through the SSC in which China’s interests are met as well as the accompanying states
(Adbenur, 2014:90).

Lastly is the late arrival to the BRICS alliance and only African country to join, South Africa.
South Africa is seen as a very important political and economic actor in the African continent
with a growing economy that fosters many new opportunities for international trade and
cooperation. South Africa’s exports to the BRICs members have expanded greatly from $1.10
billion in 2005 to $8.49 billion in 2013 after joining the BRICS alliance (Mminele, 2016:2).
While many argue that South Africa’s inclusion in the BRICS alliance is inconsistent with the
extend of the other members economies, South Africa plays a very important and strategic
role for BRICS. This is because South Africa is seen as a gateway to Africa by being one of
the leading economies in Africa and also being a very influential political actor on the
continent (Singh, 2017:7). It should however be noted that South Africa objectives should not
be compared to the whole African continent because all states differ from their economic and
political objectives and should not be held to one standard presented by South Africa.
Nevertheless, the inclusion of South Africa into BRICS would bring more cooperation as
well as economic and political prosperities that can be achieved for all the members and
throughout the African continent. As a regional power South Africa has gained more
influence especially through the establishment of NEPAD which has advanced its governance
in sub-Sharan Africa and has at times aided global security though its use of “soft” diplomacy
on authoritarian African leaders (Vom Hau, 2017:2). Therefore, it can be noted that even
before BRICS, South Africa was already seen as a vast regional power through its economic
and political standing and after joining BRICS its prominence increased. It has also been
argued that the inclusion of South Africa in BRICS was to further maximize the benefits of
an Africa-centric SSC which also advances South Africa’s economic and political interests
(Singh, 2017:7). With the Africa-centric SSC, BRICS can be seen to become more influential
in Africa through South Africa which then further promotes economic and political
prominence for all the members.

As seen in the previous discussion the key objective for the organization of the BRICS group
was to become economically and politically well established in the Global South to promote
cooperation and development. The SSC is also used as a tool among Global South states that
are aspiring for the same goals to lead towards better cooperation between them and boost
their growing economies. BRICS has, since operating with the SSC, been seen as becoming
very inflectional in both the global economic and political spheres. The BRICS members
represents nearly 42 per cent of the global population that can evidently increase their
opportunities in the global political economy to become more effective in making decisions
with the international community to become more inclusive and to vouch for more
importance to be placed on developing states economies that could in return benefit the
growth of the global economy (Larionova, 2020). The SCC has three important spheres that
is of great significance for BRICS. This is the economic sphere where it allows for trade and
financing opportunities within the Global South states; the political sphere wherein areas are
created for autonomous discussions between the Global South states and a technical sphere
where there is a free flow of knowledge and expertise on social and technological
advancements (Morazán et al, 2012:11). The SSC has been established in all the BRICS
states which has proven to become a key challenge to major international actors like the EU.
This is because the international engagements of the South-South dynamics have extended
out of the EU reach which then further places awareness on the SSC activities (Morazán et al,
2012:11). This denotes that BRICS through the SSC has become recognized as a prominent
global actor that can influence the activities of the SSC which then attracts the attention of
other global political economy institutions on how this influenced will be used.

BRICS in the current developments of the Global Political Economy

BRICS financial developments and cooperation
It can be recognized that the BRICS alliance has definitely developed in its influence to be
seen by other international institutions as an upcoming actor in the global political economy.
Through the SSC more initiatives were employed to help with the cooperation of the Global
South states and was done in the form of funding and contributions. This was made through
the accumulating of funds from the BRICS members in 2009 with China at the forefront with
funding a share of 50 per cent of the finances, India’s contributions followed closely, Brazil
and Russia’s financial flows also increased steadily, and South Africa’s share is relatively
small in regard to the other members but stays constant (Morazán et al, 2012:22).
Accordingly, with greater cooperation between the BRICS and developing states, financial
aid could be seen to be distributed to LIC states to help with development through funding
infrastructure and aid for economic or humanitarian relief. This also aided in the increase of
foreign direct investments in the SSC states which then helped to upsurge economic
performances (Morazán et al, 2012:23). Like this, the collective accumulation of funds from
Global South states for Global South states predestined a new way of operating in the global
financial sphere where states were seen to become less dependent on the financial donations
from Global North states which demonstrated a change in the international economic as well
as political landscape.
Reform of the IMF
The BRICS alliance has played a significant role concerning reforms of the international
financial institutions most notably the IMF. The dissatisfaction BRICS holds with the IMF
lies in its Global North monopoly over leadership positions in the IMF which the BRICS
alliance are dissatisfied with (Gray and Gills, 2016:560). The problem for BRICS is the fact
that the decision-making of the IMF is only dominated by the Global North group and the
following decisions made could then not reflect all of the participating parties’ interests or
would be in favor of the Global North instead of the Global South. BRICS then asserted that
the “monopoly” does not place enough focus on the needs of developing states and thus
functions in a more self-centered way with little to no regards to the financial struggles of the
Global South. This petition of the BRICS grouping to reform the financial institutions of the
IMF is also to expand the quota allotted to developing states and to dismiss the procedure in
which leadership positions in these traditional financial institutions are only open to that of
Europeans and Americans (Gray and Gills, 2016:560). This could be to change the perceived
perception of the Global South states in which they too can be recognized as leaders in the
economic and political spheres and to also allow for greater voting rights of developing
states. The BRICS members challenged the IMF’s governance model by insisting that
through the increasing of financial contributions made by them towards the IMF, should be
followed by greater voting share (Bijarnia, 2013:86). Which again places BRICS in a very
prominent position whereby contributions, primarily from China, should allow for a greater
voting share which could again foster more SSC and in itself further advance BRICS in the
global political sphere. Moreover, BRICS critique towards the framework of both the IMF
and World Bank should not only be to mediate between North-South Cooperation but to also
stimulate an equal partnership with all states no matter their position in the world to deal with
developmental matters in a just way (Bijarnia, 2013:86). Although the petition from BRICS
to reform the IMF was eventually heard in 2015, it still fostered their enticement to pursue
alternative financial aid models which led to BRICS establishing their own financial
institution of the New Development Bank in 2014 (Gray and Gills, 2016:561).
New Development Bank
The discontent with the global economic governance has led to BRICS establishing their own
means for facilitating SSC according to their requirements and necessities, without the
outside influence of the Global North, steered BRICS in the direction to launch the New
Development Bank with a startup capital of $30 billion accumulated from the members (Gray
and Gills, 2016:561). The drive behind the institution of the New Development Bank is to
become a financial platform that is more representative especially to the Global South states
to provide aid when it is needed without much strict conditionals linked to it. The way in
which the New Development Bank will function will be according to the members states
making equal contributions, permitted by the size of their economies, having equal voting
rights within the bank and also to reduce the political governance consideration on how the
capital is used by the states (Abdenur, 2014:88). This brings in a new process for developing
states to take loans from the New Development Bank without having to be imposed by
political and economic conditionalities that it held by the IMF and World Bank which further
promote good relations between the SSC and BRICS to cooperate and foster economic and
political prominence. This will also help to become more prominent actors in the global
political economy by having less restraints placed on them from other international
institutions and to further grow their influence on decisions made in the international
community.

The establishment of the New Development Bank signifies not only being an alternative
source of financial aid for developing states to be used for infrastructure and industrialization
developments without the use of traditional financial institutions like the World Bank but
moreover to be seen and used as a better financial model that reflects the “principles and
practices of the SSC” (Singh, 2017:4). This reveals the strategic approach that the BRICS
members are tasking to advance their own interests as well as enhancing SSC. Another
resolution which the New Development Bank could hold for its member is to stabilize the
currency markets. Which means that the Bank can be used as a barrier for BRICS during
periods of capital volatility which could be consequential from currency devaluations or
capital flights (Lowe, 2016:51). The establishment of the New Development Bank as an
alternative to the traditional financial institutions of the IMF and World Bank, causes concern
in the global political economy because it stands direct opposition of the current financial
institutions which then shows a shift in the international governance of the financial
paradigms. The founding of the New Development Bank can be seen as momentous because
it signifies the strengthening of the cooperation between the members and scholars have
argued that it is a “coming of age” of the member states in the global financial developments
(Mminele, 2016:4). This suggests that the BRICS influence and power in the global political
economy are unquestionably on the increase. It also implies that BRICS can become a
prominent actor in the global political economy without having many restraints from a
financial perspective because they are not dependent on the international standard of the
traditional financial institutions of the IMF and World Bank.
Growing Political influence through voting power
From a political perspective, it has been argued that the BRICS members used a strategic
approach to institute their political influence in the community. This is through the permanent
seats both Russia and China hold as veto power in the United Nations Security Council as
well as the growing emergence of the other states to also acquire a seat in the forceable future
which would further promote BRICS global impression because of its diversity from other
international institutions (Da Silva, 2020:170). With that, the BRICS members have increased
their influence within global organizations. For example, when the World Bank approved to
increase China’s voting power over various Global North states and has become the third in
its position of the 186 nation-leading institution just behind the United States and Japan and
boosted China’s voting power from 2.78 per cent to 4.42 per cent in 2010 (Abdenur,
2014:94). Another achievement headed by BRICS was the reform of the voting shares in the
financial institutions through the redistribution of 5 per cent of the voting rights in the IMF
and also a 3 per cent provision of voting rights from the World Bank to be allocated to the
emerging powers and developing states with contributions of the BRICS alliance (Ünay,
2013:91). It might not look like an enormous accomplishment to attain these small
percentages but still shows that BRICS political influence is growing in the international
economy and could develop into even higher statures in the near future.

The economic markets which the BRICS members holds because of their combined GDP’s
makes for sites of new demands (Vom Hau, 2017:2). With this control of a share of almost 25
per cent of the global GDP, comes with new areas in which states can engage with BRICS in
the international political sphere. It also indicates that the BRICS members as well as
members from the newly founded New Development Bank wants their economic influence to
reflect into their political influence by acquiring equal voting powers in the international
institutions (Hooijmaaijers, 2021:33). The BRICS role in the global political economy can
become very significant especially if their economic status would lead to a stronger political
governance in the international community (Morazán et al, 2012:7). As seen in the previous
discussions, these steps are being taken because of the BRICS group's growing influence,
particularly through the financial institutions of the reform of voting in the IMF. This shows
BRICS strategic approach to petition for larger influence in the decision-making positions of
global institutions that includes financial as well as economic spheres to become more
inclusive and allowing more participative political governance from other states especially
emerging economic and political powers from the Global South (Ünay, 2013:85).
Nonetheless BRICS presence in the global political economy has become “unalterable”
whereby no global issue can be resolved by keeping BRICS to the side and the importance of
the group as “an emerging global force” has become indisputable now (Chakraborty,
2018:187). This again illustrates how the BRICS alliance has grown from its formation to
become a recognized emerging power in the global political economy with its ever-growing
GDP’s which can also be attributed to its cooperation and influence over the SSC.

Conclusion
In conclusion there has undoubtedly been a change in the global political economy landscape
by looking at the previous landscape and where the BRICS members have showed their
coordination on global engagements. It has been established that the BRICS alliance has
gained much momentum after the 2008 financial crisis and also through its involvement in
the SSC. All of the members of the BRICS have been seen to have benefited from the
alliance, some more than others but showed that there can be good cooperation between them
in promoting cooperation to advance their economies as well as other Global South states.
Thereafter it was argued how the BRICS grouping can be seen to change the global political
economy in slight ways which could probably amount to more influence and political power
in the foreseeable future. This was showed especially on financial matters through the
establishment of the New Development Bank that has been presenting new concerns and
challenges for existing financial organizations as well as the successful appeal of BRICS to
increase their voting within the IMF. Likewise, BRICS political influence has also started to
increase with the adjusting of voting shares in international institutions and also the growing
appeal that their economic influence should be equal to their voting and political influence in
the global community and organizations. Therefore, it can be stated that the BRICS grouping
has proven to become a successful and recognized actor in the global political economy and
could be seen to become even more significant in the economic and political spheres of the
future.

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