The Political Economy of Intra-BRICS Cooperation: Challenges and Prospects (International Political Economy Series)

"The book presents an incisive analysis of COVID-19, vaccine production, implementation of SDGs making it extremely relevant in the current political discourse. It is an essential reading for academicians and policymakers, who want to understand the BRICS intra-cooperation and its potential contribution in effectively dealing with global challenges."--Professor Sachin Chaturvedi, Director-General of Research and Information System for Developing Countries (RIS), Member of Board of Governors, the Reserve Bank of India, New Dehli. "This book offers well structured, deep and comprehensive analysis of the BRICS, institution that is striving to achieve better, fairer and more inclusive world for the benefit of all the people of the globe. It provides recommendations for further cohesion among the five countries to bring about visible outcomes of intra-BRICS cooperation." --Dr. Victoria V. Panova, Vice-President for International Relations, Far Eastern Federal University, W20 Sherpa, Russia. This book uses the idea of internal cohesion through intra-BRICS cooperation to make the argument that the next phase in the evolution of BRICS is to strengthen cooperation among BRICS countries in the implementation of decisions taken. There is a risk that what the BRICS promises and what it represents both in the eyes of its friends and foes might not materialise in the absence of central institutions. So, the book calls for the deepening intra-BRICS cooperation across all policy areas where there are already undertakings could help mitigate this risk. Siphamandla Zondi is Professor in the Department of Politics and International Relations and Acting Director of Institute for Pan-African Thought & Conversation at the University of Johannesburg. He chairs the South African BRICS Think Tank, which facilitates the participation of researchers in BRICS policy development processes. He is Editor of International Journal of African Renaissance Studies, the African Journal of Political Science, and the Journal of BRICS Studies Preface 6 Contents 9 Notes on Contributors 11 List of Figures 17 List of Tables 19 1 Towards Deeper Intra-BRICS Cooperation: An Argument 20 Introduction 20 The Prism 21 BRICs as a Goldman Sachs Idea: An Economic Bloc 21 BRICS as a Russia-China Alliance Plus 23 BRICS as a Platform for Regional Powers 24 Major Divergences Among BRICS Member States 26 The Missing Link 27 The Book Outline 28 Conclusion 34 References 34 2 The BRICS Development Bank and Challenges for development financing in BRICS—Issues for Consideration 35 Introduction 35 BRICS Development Bank—A Consolidated Formidable Force for Inclusive Development 37 The Role of National, Regional and Multilateral Development Banks 39 Governance and Shareholding Structure of the BRICS Development Bank 42 New mechanisms for Financing Development and Cooperation of BRICS 43 BRICS Development Bank Projects, Instruments and Products 45 Criticism Levelled Against BRICS Development Bank 49 Matters for the BRICS Development Bank’s Consideration Going Forward 51 Conclusion 52 References 53 3 BRICS, Structural Power and the BRICS Bank as a Potentially Progressive Instrument for a Passive Revolution 57 Structural Power: The Context 57 Countering Hegemony: A BRICS Approach 60 The Shoe Must Fit the NDB and Not the Other Way Round 68 Conclusion 74 References 75 4 Out of the Regime Complex: Practical Options for Enhancing Cooperation in Climate Change and New Frontiers in BRICS 78 Introduction 78 From Culture of Denial to Culture of Complexity: Mapping the Shifting Landscape 79 Who Shall Stem the Rising Ocean Level and Heal the Warmth Planet? The Moral and Social Justice Challenge 83 The Impact of BRICS on Climate Change and the Impact of Climate Change on BRICS 83 Climate Change Position of BRICS Countries Identified in BRICS’ Summit Declarations 86 Belling the Cat? The New Roadmap for BRICS 88 Conclusion 91 References 91 5 Opportunities and Options for Energy Cooperation Among BRICS Countries 95 Introduction 95 A Review of BRICS Energy Cooperation 97 Technology Transfer as a Catching Up Mechanism for BRICS 101 Cooperation on International Governance of Energy, Environment, and Natural Resources 104 Cooperation in CO2 and Greenhouse Gas Emission Reduction 104 Green Economy Revolution 108 Cooperation on Other Sources of Energy 109 Concluding Remarks 110 References 111 6 BRICS Cooperation in Fighting Transnational Crimes 114 Introduction 114 Initial Transnational Organised Crime Discourse 115 Conceptualising Transnational Organised Crime 117 The Evolving Nature of Transnational Crime 118 Transnational Organised Crime Within the Context of BRICS 119 Analysis of TOC Arising Specifically from BRICS Summit Declarations 2012–2018 120 Recommendations on Coordinating BRICS Efforts to Fight Transnational Crime 123 Conclusion 125 References 126 7 BRICS Countries’ Competitiveness in the 4IR: Findings from Three World Economic Forum Indicators 129 Introduction 129 The Fourth Industrial Revolution 131 Conceptual Framework: The WEF Global Competitiveness Index 133 Methodology 137 Analysis 139 The Correlation Between 4IR Competitiveness and FDI Observed: A Discussion 142 Conclusion 147 References 147 8 No One Left Behind: The Implications of the 4th Industrial Revolution on the Developmental Agenda of the BRICS Countries 150 Introduction 150 Rising Inequality in the Context of a Polarised Labour Market 151 Education and Skills in the BRICS Countries 154 Employment Trends in BRICS Nations 158 BRICS Nations and the Digital Divide 160 Cooperation on Job-Related Digital Innovation Initiatives in the BRICS Countries 161 Conclusion 164 References 166 9 Tangible Economic Cooperation for South Africa and the BRICS: Taking Stock and Looking Forward 168 Introduction 168 Intra-BRICS Trade and Investment: Status Quo 170 Enhancing Intra-BRICS Economic Relations 176 Towards a BRICS Free Trade Agreement 176 BRICS and the African Continental Free Trade Agreement 180 Enhancing Investment Through the New Development Bank 181 Conclusion and Policy Recommendations 183 References 185 10 Financial Inclusion and Women Empowerment in BRICS Countries: Perspectives on India and South Africa 187 Introduction 187 Financial Inclusion and Inclusive Development 188 Political Economy of Financial Inclusion 192 Global and National Policies on Financial Inclusion 192 Gender Financial Inclusion in BRICS 195 Gender Financial Inclusion in India 198 Gender Financial Inclusion in South Africa 199 The Gender Growth Rate in the BRICS Economy 199 The State of Financial Exclusion in South Africa 201 Government Initiatives to Promote Financial Inclusion 203 Lessons learnt from South Africa on Gender Financial Exclusion 204 The State of Financial Exclusion in India 205 Government Initiatives to promote financial inclusion in India 206 Lessons Learned from India’s Experiences 208 Conclusion and Recommendations 209 References 210 11 COVID-19 and the Counter-Cyclical Responses of the BRICS Countries 216 Introduction 216 The Socio-economic Impact of COVID-19 on the BRICS Countries 218 The Political Economy of the COVID-19 Pandemic in the BRICS 222 The BRICS’ Economic Responses to COVID-19 224 The BRICS’ Responses to COVID-19 and the Post-COVID-19 World Order 232 Conclusion 236 References 237 12 South Africa’s Vaccine Production Potential: Towards an Intra-BRICS Vaccine Production Framework 242 Introduction 242 Our Approach 245 The Human Capital-Policy Regime-Economic Development Nexus 246 South Africa’s Skill Capital Status and the Policy Environment 249 The Policy Environment 253 Conclusion and Recommendations 257 References 258 13 Towards an Intra-BRICS Implementation and Accountability Framework on Sustainable Development Goals 261 Introduction 261 Development as a Conundrum 263 MDG Implementation and the Accountability Framework: Lessons Learned 265 Principle-Driven Accountability and Implementation Framework for Agenda 2030 273 Conclusion 278 References 279 Index 282