Emerging Powers And Emerging Issues

1751 Words Apr 14th, 2015 8 Pages
Emerging Powers/Emerging Issues: “The strong economic development of the BRICS countries is due to their disregard of the Washington Consensus”. Discuss/Do you agree?

The Washington Consensus was developed by John Williamson as a series of recommended policy reforms, supported by the International Monetary Fund (IMF) and the US Treasury. It has now become a form of checklist for reforms that are promoted to developing countries in order to achieve certain economic conditions that would arguably make them more likely to experience economic growth and development (Noah Zerbe 2013). The rise of the BRICS countries is a significant topic in the international arena as the previous distinction between the developed and developing worlds was the considerable gap in the levels of economic growth and development experienced by both, however, the BRICS are now argued to be creating a shift in economic power from the North and West, to the South and East of the world (Ikenberry 2011). This is due to the strength of their economic growth and development in the past few decades that have led speculators to argue that the BRICS are laying the groundwork for a new world order (Ikenberry 2011). The focus of this essay will therefore concern whether the BRICS achieved this feat through the implementation of policies recommended by the Washington Consensus, or whether it was due to more unorthodox reforms; with emphasis being placed on the cases of China, Brazil, India, and Russia.

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