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PDF Globalization and the BRICs: Why the BRICs Will Not Rule the World For Long

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There are three main reasons for this:. The results look quite different, if we take the annual GDP gains of increasing globalization in relation to the initial level of GDP per capita in This accounts for almost percent of the GDP per capita in This is by far the largest gain of all 42 economies.

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This is still a higher value than for industrialized economies such as France 90 percent , the United Kingdom about 60 percent and the USA about 40 percent, see figure 3. The results of our globalization report show that there is homework to do on both sides: for the industrialized countries and for the BRICS countries.

The BRICS countries on the one hand should further reduce their market access barriers in order to push their level of international interconnectedness. These kinds of restrictions negatively impact international business activities in and of these countries. Industrialized countries on the other side should continue to cut their subsidies, e.

Globalization and the BRICs Why the BRICs will not rule the world for long

Worse still, the free-market consensus is unraveling. This site uses cookies to improve your user experience. Click here to learn more. In-depth analysis delivered weekly - Subscribe to our newsletter, featuring our editors' top picks from the past week.

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Login Sign up. Jump to navigation. The world today needs a new framework for global cooperation in order to preserve peace and accelerate progress. After the cataclysm of World War II, leaders designed a set of institutional structures to enable the postwar world to trade, collaborate, and avoid war—first in the West and eventually around much of the globe. This time around, however, the change is not just geopolitical or economic in nature.

The BRICS: the last line of defence for globalisation?

The Fourth Industrial Revolution —the complete digitization of the social, the political, and the economic—is tugging at the very fabric of society, changing the way that individuals relate to one another and to the world at large. In this era, economies, businesses, communities, and politics are being fundamentally transformed.

Reforming existing processes and institutions will not be enough. Government leaders, supported by civil society and businesses, have to collectively create a new global architecture.