Area Development and Policy, the Greater BRICS and a new world order?. Issue 4 (2nd October 2022)

• Record Type: Journal Article
• Authors: Dunford, Michael; Liu, Weidong; Pompeani, Christophe
• Is Part Of: Area development and policy. Volume 7:Issue 4(2022)
• Page Start: 365
• Page End: 379
• Publication Date: 2022-10-02
• Subjects: international division of labour -- global geographies of energy -- food and manufactures -- emerging economies -- Collective West -- international trade and payments systems -- hegemony; 国际分工 -- 全球能源地理 -- 食品和制造商 -- 新兴经济体 -- 集体西部 -- 国际贸易和支付系统 -- 霸权主义; división internacional del trabajo -- geografías mundiales de energía, alimentos y productos manufacturados -- economías emergentes -- colectivo de Occidente -- sistemas internacionales de comercio y de pagos -- hegemonía; Международное разделение труда -- глобальная география энергетики -- продовольствия и обрабатывающей промышленности -- развивающиеся экономики -- Коллективный Запад -- международная торговля и платежные системы -- гегемония; Regional planning -- BRIC countries -- Periodicals; Economic development -- BRIC countries -- Periodicals; Rural-urban relations -- BRIC countries -- Periodicals; Human geography -- BRIC countries -- Periodicals; Regional planning -- Developing countries -- Periodicals; Economic development -- Developing countries -- Periodicals; Rural-urban relations -- Periodicals; Human geography -- Developing countries -- Periodicals; 338.90091724
• DOI: 10.1080/23792949.2022.2128384
• Languages: English
• ISSNs: 2379-2949

Abstract

ABSTRACT: The establishment of new international economic, political and financial institutions (BRICS, SCO, BRI, EAEU, New Development Bank, Asian Infrastructure Investment Bank) by emerging economies was associated with a wave of interest in the way their relative growth was reshaping the global order. Most comparisons drew on gross domestic product (GDP) data. A succession of recent crises (Western financial crisis, COVID-19 pandemic, Western sanctions on Russia and the associated disruption of supply chains) has, however, suggested that, in terms of real production of energy and minerals, food and manufactures vital for human survival, emerging economies are far stronger that GDP data suggest. This commentary draws on output, trade and balance of payments data to demonstrate that it is indeed the case, though with significant differences between world regions. Moreover, the establishment of new international trade and payments settlement systems may also see a significant geographical redistribution of services, where Western economies remain for the moment dominant.