The BRICS Fallacy

Click to increase image sizeClick to decrease image size Notes 1. Pascal Fletcher, "BRICS 'Big Five' find it hard to run as a herd, " Reuters, March 27, 2013, http: //www. reuters. com/article/2013/03/27/us-brics-summit-idUSBRE92Q0UE20130327. 2. "Global Economic Outlook 2013, January 2013 Update, " The Conference Board, available at http: //www. conference-board. org/data/globaloutlook. cfm. 3. "Global Economy to Slow Further in 2013, " The Conference Board, press release, November 13, 2012, http: //www. conference-board. org/press/pressdetail. cfm? pressid=4647. 4. Ruchir Sharma, "Broken BRICs, " Foreign Affairs, November/December 2012, http: //www. foreignaffairs. com/articles/138219/ruchir-sharma/broken-brics. 5. Gillian Tett, "The story of the Brics, " Financial Times, January 15, 2010, http: //www. ft. com/intl/cms/s/0/112ca932-00ab-11df-ae8d-00144feabdc0. html. 6. Gillian Tett, "The story of the Brics, " Financial Times, January 15, 2010, http: //www. ft. com/intl/cms/s/0/112ca932-00ab-11df-ae8d-00144feabdc0. html 7. Andrew E. Kramer, "Emerging Economies Meet in Russia, " New York Times, June 16, 2009, http: //www. nytimes. com/2009/06/17/world/europe/17bric. html? ᵣ=0. 8. The BRICS Report (New Delhi: Oxford University Press, 2012): pp. 79–102, http: //www. fazenda. gov. br/sain/destaques/BricsReport. pdf. 9. The BRICS Report (New Delhi: Oxford University Press, 2012): pp. 79–102, http: //www. fazenda. gov. br/sain/destaques/BricsReport. pdf, p. 168. 10. "Full text of the Sanya declaration of the BRICS leaders meeting, " Xinua. net, March 14, 2011, http: //news. xinhuanet. com/english2010/china/2011-04/14/c₁3829453. htm. 11. "Full text of the Sanya declaration of the BRICS leaders meeting, " Xinua. net, March 14, 2011, http: //news. xinhuanet. com/english2010/china/2011-04/14/c₁3829453. htm. 12. "BRICS targets 500 billion intra-group trade by 2015, " India Today, March 28, 2012, http: //indiatoday. intoday. in/story/brics-targets-500-billion-intra-group-trade-by-2015/1/179822. html. 13. Theresa Robles, "A BRICS Development Bank: An Idea Whose Time Has Come? " RSIS Commentaries, No. 210/2012, November 14, 2012, available at http: //www. rsis. edu. sg/publications/Perspective/RSIS2102012. pdf. 14. Dani Rodrik, "What the World Needs from the BRICS, " Project Syndicate, April, 10, 2013, http: //www. project-syndicate. org/commentary/the-brics-and-global-economic-leadership-by-dani-rodrik. 15. UN Security Council Resolution 1973, SC/10200 (2011), March 17, 2011, http: //www. un. org/News/Press/docs/2011/sc10200. doc. htm. 16. Oliver Stuenkel, "Why BRICS Matters, " E-International Relations, March 28, 2012, http: //www. e-ir. info/2012/03/28/why-brics-matters/. 17. "EBRD Predicts Russian Economic Slowdown in 2012–13, " Ria Novosti, October 26, 2012, http: //en. rian. ru/world/20121026/176925713. html. 18. Sergei Guriev, "Russia is not a place you would want to do business, " Financial Times, June 20, 2013, http: //www. ft. com/cms/s/0/fe1f61e8-d993-11e2-bab1-00144feab7de. html#axzz2YeAMceAZ. 19. Aaron Black, "IMF Lowers China Growth Forecasts, Warns of Risks, " Wall Street Journal, July 16, 2012, http: //blogs. wsj. com/economics/2012/07/16/imf-lowers-china-growth-forecasts-warns-of-risks/. 20. Michael Schuman, "China's Economic Slowdown: Why Stimulus Is a Bad Idea, " Time, July 26, 2012, http: //business. time. com/2012/07/26/chinas-economic-slowdown-why-stimulus-is-a-bad-idea/. 21. Bettina Wassener, "Chinese Economy Expanded at End of 2012, Data Shows, " New York Times, January 17, 2013, http: //www. nytimes. com/2013/01/19/business/global/chinese-economy-picks-up-steam-in-last-quarter. html. 22. Zhiwei Zhang and Wendy Chen, "China: Rising risks of financial crisis, " Asia Special Report, Nomura Global Economics, March 15, 2013, available at http: //pg. jrj. com. cn/acc/Res/CNRES/MAC/2013/3/15/cb9c260d-ada0-4ad6-a211-95923c36c7a7. pdf. 23. Minxin Pei, "The Politics of a Slowing China, " Project Syndicate, July 6, 2013, http: //www. project-syndicate. org/commentary/the-impact-of-slow-gdp-growth-on-chinese-politics-by-minxin-pei. 24. Sujata Rao, "India: the BRIC that has disappointed – Goldman's O'Neill, " Reuters, December 6, 2011, http: //in. reuters. com/article/2011/12/06/investment-summit-oneill-idINDEE7B50AA20111206. 25. Mukesh Jagota, Prasanta Sahu and Anant Vijay Kala, "India Slashes Forecast on Economic Growth, " Wall Street Journal, December 17, 2012, http: //online. wsj. com/article/SB10001424127887324407504578184580479341850. html. 26. Eric Martin, "Move Over BRICS, Here Come the MISTs, " BusinessWeek, August 9, 2012, http: //www. businessweek. com/articles/2012-08-09/move-over-brics-dot-here-come-the-mists. 27. Antoine Van Agtmaal, "Think Again: The BRICS, " Foreign Policy, November 2012, http: //www. foreignpolicy. com/articles/2012/10/08/thinkₐgainₜhebrics. 28. Joe Leahy, Andrew England and Victor Mallet, "Reality Bites for Emerging Market Reliance on China's Growth, " Financial Times, June 1, 2013. 29. Ruchir Sharma, "BRICS summits are so last decade, " Times of India, April 1, 2013, http: //articles. timesofindia. indiatimes. com/2013-04-01/edit-page/38163584₁brics-bank-global-trade-axis. 30. "Seeking Protection, " The Economist, January 14, 2012, http: //www. economist. com/node/21542780. 31. Samantha Pearson and Joe Leahy, "Cheap Asia Imports Hit Brazil's Industries, " Financial Times, April 20, 2011, http: //www. ft. com/intl/cms/s/0/e7206ccc-6b71-11e0-a53e-00144feab49a. html#axzz2QeB9zdmx. 32. Cited in Stephen Blank, "Toward a New Chinese Order in Asia: Russia's Failure, " The National Bureau of Asian Research, Special Report 26, March 2011, p. 11, http: //www. nbr. org/publications/element. aspx? id=494. 33. Mitsuru Obe, "Japan, Russia to work on ties, " Wall Street Journal, September 6, 2012, http: //online. wsj. com/article/SB10000872396390443686004577635220864309202. html. 34. Georgy Bovt, "China's Favourite Junior Partner, " The Moscow Times, March 27, 2013, http: //www. themoscowtimes. com/mobile/article/477608. html. 35. "India's trade deficit with China widens to 23 billion, " Economic Times, November 11, 2012, http: //articles. economictimes. indiatimes. com/2012-11-11/news/35048364₁ᵢron-ore-exports-india-china-joint-economic-group-trade-target. 36. For a detailed discussion of the challenges facing India as a consequence of the rise of China, See Harsh V. Pant, The Rise of China: Implications for India (New Delhi: Cambridge University Press, 2012). 37. Alistair Scrutton, "India PM warns China wants foothold in South Asia, " Reuters, September 7, 2010, http: //www. reuters. com/article/2010/09/07/us-india-china-idUSTRE6860NU20100907. 38. Faeeza Ballim, "South Africa and China in awkward embrace, " Mail and Guardian, July 20, 2012, http: //mg. co. za/article/2012-07-19-south-africa-and-china-in-awkward-embrace. 39. Yaroslav Trofimov, "In Africa, China's Expansion Begins to Stir Resentment, " Wall Street Journal, February 2, 2007, http: //online. wsj. com/article/SB117036261569895256-search. html. 40. See William C. Wohlforth, "The Stability of a Unipolar World, " International Security 24, no. 1 (Summer 1999), p. 28. 41. "BRICS Summit: Delhi Declaration, " Council on Foreign Relations, March 20, 2012, http: //www. cfr. org/brazil/brics-summit-delhi-declaration/p27805. 42. Scott Wilson and Emily Wax, "Obama endorses India for UN Security council seat, " The Washington Post, November 8, 2010, http: //www. washingtonpost. com/wp-dyn/content/article/2010/11/08/AR2010110807129. html/. 43. Zaki Laidi, "The BRICS Against the West? " Sciences Po, CERI Strategy Papers, No. 11, November 2011, http: //www. sciencespo. fr/ceri/sites/sciencespo. fr. ceri/files/n11₁12011. pdf. 44. "BRICS Summit: Delhi Declaration, " Council on Foreign Relations, March 20, 2012, http: //www. cfr. org/brazil/brics-summit-delhi-declaration/p27805. 45. "Joint Statement of the Fifth BRICS Summit in Durban, " Council on Foreign Relations, March 27, 2013, http: //www. cfr. org/emerging-markets/joint-statement-fifth-brics-summit-durban-march-2013/p30341. 46. "Joint Statement of the Fifth BRICS Summit in Durban, " Council on Foreign Relations, March 27, 2013, http: //www. cfr. org/emerging-markets/joint-statement-fifth-brics-summit-durban-march-2013/p30341. 47. "Joint Statement of the Fifth BRICS Summit in Durban, " Council on Foreign Relations, March 27, 2013, http: //www. cfr. org/emerging-markets/joint-statement-fifth-brics-summit-durban-march-2013/p30341. 48. Eusebius McKaiser, "Mind the UN–AU Gap, " New York Times, January 18, 2012, http: //latitude. blogs. nytimes. com/2012/01/18/south-africa-must-recognize-its-role-in-african-union-problems/. 49. For a cogent exposition of this argument, see Fareed Zakaria, The Post-American World (New York: W. W. Norton, 2008). Additional informationNotes on contributorsHarsh V. PantHarsh V. Pant is Reader in International Relations in the Defense Studies Department at King's College London. He is also an Associate at the Centre for Science and Security Studies at the India Institute at King's College London, and is an Adjunct Fellow with the Wadhwani Chair in U. S. –India Policy Studies at CSIS. His most recent books include The U. S. –India Nuclear Pact: Policy, Process and Great Power Politics (Oxford University Press) and The Rise of China: Implications for India (Cambridge University Press)