Perspectives
1 total work
The idea that Brazil, Russia, India and China (BRIC) are the economic stars of our times is now widely accepted. However, the struggling 'old' developed nations in the North have still not adjusted to the challenges posed by the new world order. References to the BRICs and other economies (especially Korea) as 'emerging' is massively behind the times. Even if growth in (for example) China were to slow it would still be more realistic to describe it and other nations as 'Rapidly overtaking'. This book makes a strong case for a radical overhaul of global economic governance to put these powerful new economies at the top, decision-making table. The author argues that, while the new growth economies still have lessons to learn and stabilising adjustments to make, it is also necessary for old-world economies to learn from them and to adapt to the new order. He looks closely at the roles of China, Korea and Africa and at the scale of South-South trade. What does all this mean for the EU trading bloc, and for the UK in particular? How should the world engage with the new economic powerhouses?