The BRICs, US ‘Decline’ and Global Transformations

Abstract

The global political economy is in flux as a series of cumulative crises impacts its organization and governance. The IPE series has tracked its development in both analysis and structure over the last three decades. It has always had a concentration on the global South. Now the South increasingly challenges the North as the centre of development, also reflected in a growing number of submissions and publications on indebted Eurozone economies in Southern Europe.An indispensable resource for scholars and researchers, the series examines a variety of capitalisms and connections by focusing on emerging economies, companies and sectors, debates and policies. It informs diverse policy communities as the established trans-Atlantic North declines and 'the rest', especially the BRICS, rise.

The rise of transnational state capital: state-led foreign investment in the 21st century

“…In the fields of International Business and Finance, the object of research is the state-owned or state-invested enterprise (SOE or SIE) and respective questions are concerned with the forms and consequences of state ownership on the firm. (Kiely, 2015;Stephen, 2014) States are crucially involved in global value chains (Mayer & Phillips, 2017) Rise of state capital implies systemic ramifications for global capitalism (van Apeldoorn et al, 2012) Comparative (Claessens et al, 2000) Relevant questions are for instance how far classical theories of the firm can grasp SOE internationalization (Bruton et al, 2015;Cuervo-Cazurra, Inkpen, Musacchio, & Ramaswamy, 2014) or what the effect is of majority-(or minority) state ownership on FDI-decisions by those firms (Cui & Jiang, 2012). Internationalization is studied from the perspective of SOEs when they 'go abroad' to compete with privately owned firms for resources on global markets (Bass & Chakrabarty, 2014) as well as from the perspective of SWFs, where previous work finds that investment by politically controlled SWFs can have negative effects on firm value and performance (Bortolotti, Fotak, & Megginson, 2015).…”

The BRICS in the Contemporary Global Order: Objectives, Capabilities, and Limitations

“…The countries of the Global South in general and the BRICS in particular managed to face the economic crisis of 2008 because their development models followed different paths to the neoliberalism promoted by the international economic institutions of the Bretton Woods, the International Monetary Fund and the World Bank . These countries in general have been characterized by State Capitalism, based on a strong state intervention to promote productive development policies and structural change based on exports, in addition to providing conditions to attract foreign direct investment (Chang, 2009;Kiely, 2015).…”

European Union and International Relations: Old Times, New Times?

“…To this end, the promotion of international organizations, the opening up to free trade and the search for new investments were used. Politically, alongside the role of the United Nations, this meant, on the one hand supporting the independence of ex-colonies and the increase of nationalist movements, on the other hand, the two superpowers, USA and USSR, ended up supporting these policies of independence, each exercising its ideological degree of influence over the future independent sovereign states (Kiely, 2015).…”