The BRICS and Collective Financial Statecraft

Cynthia Roberts is Associate Professor of Political Science at Hunter College, CUNY; Senior Associate at the Saltzman Institute of War and Peace Studies and Adjunct Associate Professor of International Affairs at Columbia University. Her research focuses on the BRICS, international power shifts, and the liberal world order, and the strategies of major powers. She received her M.A., M.Phil. and Ph.D. from Columbia University and Certificate from the Harriman Institute.Leslie Elliott Armijo teaches Political Economy and Development at the School for International Studies, Simon Fraser University, and has held Visiting Professorships in Brazil (2015) and Germany (2011). She investigates the politics of national and international economic policymaking, and their relationship to democratic consolidation, especially in Brazil, India, and large emerging economies. She holds degrees from Cornell University (B.A.) and the University of California, Berkeley (Ph.D).Saori N. Katada is Associate Professor at School of International Relations at University of Southern California. Katada is the author of several books and numerous articles on trade, financial and monetary cooperation in East Asia and foreign aid. She has her Ph.D. from the University of North Carolina at Chapel Hill (Political Science) and B.A. from Hitotsubashi University (Tokyo). Before joining USC, she worked at the World Bank (Washington D.C.), and the UNDP (Mexico City).

• 1. Introduction: The BRICS as a Club BRICS in the Aftermath of the Global Financial Crisis Strategic Incentives in Unipolarity and Common Aversions The BRICS and the Global Governance System Formal Institutions and Informal Powers: The Emergence of Clubs The BRICS as a Club Clubs with Power Asymmetries and Dominant Powers with Outside Options Plan of the Book 2. Global Power Shift: The BRICS, Building Capabilities for Influence Conceptualizing Power Measuring the Shift in Economic Capabilities A New, Multipolar World? The Global Financial and Monetary Capabilities of the BRICS Redback Rising Conclusions 3. BRICS Collective Financial Statecraft: Four Cases Defining Collective Financial Statecraft Four Categories of Collective Financial Statecraft Inside Reforms: The BRICS Quest for Greater Influence Within the IMF and World Bank (Case 1) Inside Reforms: Resist Manipulation of Financial Market Power for U.S./Western Political Aims (Case 2) Outside Options: Create Parallel Financial Institutions Controlled by the BRICS (Case 3) Outside Options: Diminish Dollar Dominance and Build the Financial MarketPower of the RMB (Case 4) Future Directions and Cooperative Opportunities Not Taken Conclusion: Mostly Successful BRICS Collective Financial Statecraft 4. Motives for BRICS Collaboration: Views from the Five Capitals Six Propositions The View from Beijing: In Search of Legitimacy and Unthreatening Leadership The View from Moscow: Russia's Struggle for Autonomy and International Influence The View from New Delhi: Amplifying Voice and Anticipating Multipolarity The View from Brasília: Enhancing Status and Inviting Investment The View from Pretoria: Support for Growth and Regional Leadership Conclusions: Explaining BRICS Collaboration 5. Conclusion: Whither the BRICS? BRICS and World Order: Too Much Pessimism Is Unwarranted Growth: The Essential Need to Return to the BRICS' Roots The Tension Between Formal and Informal Rules Summing up: The BRICS, Collective Financial Statecraft, and the Multipolar Future Notes Index

This book provides an authoritative, comprehensive, and lucid account of the rise of the BRICS. A compelling narrative about how a group of economies, which have some congruent interests but are simultaneously competitors in many other areas, have set aside their differences and come together as a force to reckon with in global finance.