The BRICS (Brazil, Russia, India, China, and South Africa)

BRICS
Name
Institutional Affiliation
Introduction
The international development of various countries usually depends on the contribution of international bodies such as the European Union or the United States being involved directly I the funding of these development programs. Most of the major projects that have taken place in the developing nations have been funded by them. The two bodies have even contributed manpower to some extent in making these programs work. This created a monopoly of aid services by the two organizations in funding development programs in different developing countries. However, the emergence of Brazil, Russia, India, China and South Africa (BRICS) has shifted the source of support for developing countries to fund their development programs ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "dropping-particle" : "", "family" : "Armijo", "given" : "L. E.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "Asian Perspective", "id" : "ITEM-1", "issued" : { "date-parts" : [ [ "2007" ] ] }, "page" : "7-42", "title" : "The BRICs countries (Brazil, Russia, India, and China) as analytical category: mirage or insight?", "type" : "article-journal" }, "uris" : [ "/documents/?uuid=d97fd25a-7d55-453c-adc1-8e1c77d0a51e" ] } ], "mendeley" : { "formattedCitation" : "(Armijo, 2007)", "plainTextFormattedCitation" : "(Armijo, 2007)", "previouslyFormattedCitation" : "(Armijo, 2007)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(Armijo, 2007). The rise in economies of these countries has brought forth competition for the two main organizations responsible for the funding of international development programs. Through the growth of these countries’ economies, they can afford to give both financial and economic assistance to countries in need of their services. They have also introduced new means of economic co-operation especially seen through south-south-co-operation seen in low income countries. The changes that they have made in being involved in global development programs have also changed the global development architecture thus making it more open for other countries to access it. This paper is aimed at analyzing the reasons for growth of the BRICS nations’ economies and the major contributions that they have made on the world stage ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "dropping-particle" : "", "family" : "Sauvant", "given" : "K. P.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "J. World Investment & Trade", "id" : "ITEM-1", "issue" : "639", "issued" : { "date-parts" : [ [ "2005" ] ] }, "page" : "10-24", "title" : "New sources of FDI: the BRICs-outward FDI from Brazil, Russia, India and China", "type" : "article-journal", "volume" : "6" }, "uris" : [ "/documents/?uuid=f911cdab-72eb-4141-99df-ebe80600a049" ] } ], "mendeley" : { "formattedCitation" : "(Sauvant, 2005)", "plainTextFormattedCitation" : "(Sauvant, 2005)", "previouslyFormattedCitation" : "(Sauvant, 2005)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(Sauvant, 2005).
Brazil’s Economy
In the 1950s, most Latin American countries and Brazil were more involved in intervening in politics than the free market. The contributions they had towards world trade were negligible since they were also involved in the formulation of economic policies. One visible reason for negligible involvement in world trade was the adoption of the ISI policy which aimed at promoting industrialization while keeping imbalances from external countries visible. Their implementation of the ISI policy led to the expansion of domestic production which increased the GDP of the country. This led to the internalization of trade and excluding external countries from being involved in the trade programs that they had. Trade barriers developed in the process and contributed to the development of the country’s economy internally. It was until the 1980s that Brazil began to liberate itself and involve other countries in its trade programs. The liberalization of Brazil’s trade programs brought forth a series of regional and bilateral trade agreements along with a customs trade union to manage the trade that took place among the countries involved. They included Uruguay, Colombia and other South American countries. The relationship between the trade unions in the countries launched the negotiations for the Free Trade Agreement of America (FTAA). Through the years, especially in the 1990s, Brazil has become a member of different regional trading agreements ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "dropping-particle" : "", "family" : "Vijayakumar", "given" : "N.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" }, { "dropping-particle" : "", "family" : "Sridharan", "given" : "P.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" }, { "dropping-particle" : "", "family" : "Rao", "given" : "K. C. S", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "International Journal of Business Science & Applied Management", "id" : "ITEM-1", "issue" : "3", "issued" : { "date-parts" : [ [ "2010" ] ] }, "page" : "23-35", "title" : "Determinants of FDI in BRICS Countries: A panel analysis", "type" : "article-journal", "volume" : "5" }, "uris" : [ "/documents/?uuid=c74decd2-91fc-434b-a282-26b07520971c" ] } ], "mendeley" : { "formattedCitation" : "(Vijayakumar, Sridharan, & Rao, 2010)", "plainTextFormattedCitation" : "(Vijayakumar, Sridharan, & Rao, 2010)", "previouslyFormattedCitation" : "(Vijayakumar, Sridharan, & Rao, 2010)" }, "properties" : { "noteIndex" : 0 }, "schema" : "https://github.com/citation-style-language/schema/raw/master/csl-citation.json" }(Vijayakumar, Sridharan, & Rao, 2010).
Russia
Russia’s government had for years preferred to restrain the exports that it did to import protection because of two major politically oriented reasons. The first reason involves the difference in prices that are resent when dealing with different prices internationally. The second reason involves the irreparability of enforcing import restraints. It was better to enforce export restraints than import restraints since it was difficult to remove import restraints. The Soviet Union was majorly oriented on making sure that they had rigid protection on their products and they wanted to have a state owned monopoly on foreign trade. In 1991, Russia’s objectives changed and the country shifted from having rigid protection policies to having liberal free market policies. The shift also led to the growth of production of Russian products which had to be compensated for through import substitution. The need for import substitution came about due to the devaluation of Rubble which increased the competitiveness of goods produced by Russia both locally and internationally. Their involvement in other world markets boosted their economic activities and in effect, the government started to apply political instruments that encouraged trade. This led to their inclusion in the WTO which in effect made the Russian government change their laws according to those of the WTO standards ADDIN CSL_CITATION { "citationItems" : [ { "id" : "ITEM-1", "itemData" : { "author" : [ { "dropping-particle" : "", "family" : "Mallick", "given" : "S. K.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" }, { "dropping-particle" : "", "family" : "Sousa", "given" : "R. M.", "non-dropping-particle" : "", "parse-names" : false, "suffix" : "" } ], "container-title" : "Open Economies Review", "id" : "ITEM-1", "issue" : "4", "issued" : { "date-parts" : [ [ "2013" ] ] }, "page" : "677-694", "title" : "Commodity prices, inflationary pressures, and monetary policy: evidence from BRICS economies", "type" : "article-journal", "volume" : "24" }, "uris" : [ "/documents/?uuid=3b723b29-e9d9-477c-ab38-9e618e57a021" ] } ], "mendeley" : { "formattedCitation" : "(Mallick & Sousa, 2013)", "plainTextFormattedCitation" : "(Mallick & Sousa, 2013)", "previouslyFormattedCitation" : "(Mallick & Sousa, 2013)" }, "prop...