Skip to content

Subprime mortgage crisis of 2007-2010 marked end of US hegemony and rise of BRICS. Small countries now have alternative to being bullied by the US, a humane one in which they have a voice-Adriel Kosanta

July 25, 2022

The single event that did the most to catalyze the multipolarization trend was the U.S.’s subprime-mortgage crisis from 2007 to 2010.BRICS is “a grouping of major emerging economies–Brazil, Russia, India, China and South Africa...What BRICS is against are power politics, hegemony, the law of the jungle, all of which basically determine that in international politics…Small countries must be obedient, or even be exploited.”

7/19/22, The Corners of the Multipolar World Order, The American Conservative, Adriel Kosanta

“The BRICS nations seek to shape the end of the American unipolar moment.”

impact the new country players’ emergence would have

on global governance.

The geopolitical debate in the years after the 9/11 attacks focused on terrorism and the U.S. invasion of Afghanistan

instead of the rise of BRICS.

This created a false assumption that there is no alternative to the U.S.-led unipolar world order, which was quite ironically described in 1999 by Dartmouth’s William Wohlforth as “not only peaceful but durable.”

The same year, Harvard political scientist Samuel P. Huntington described the global order in an essay for Foreign Affairs magazine as “unimultipolar,

where the United States plays the role of

“the lonely superpower”

with “the reach and capabilities to promote its interests in virtually every part of the world,” but which

sometimes needs smaller countries’ help

to achieve its foreign-policy goals.

Meanwhile, no serious thought was given to China’s development potential. The country’s prospect of becoming a significant regional and international power was thought to be almost nonexistent; Wohlforth and his Dartmouth colleague Stephen G. Brooks, for example, questioned Beijing’s ability to keep up with the U.S. in the technology development area in a 2002 Foreign Affairs magazine’s essay titled “American Primacy in Perspective.”

But by that time, the world had been already undergoing massive change, with power rapidly shifting away from the global North to the global South. The global system has been steadily moving towards a “Post-American World” or a “Post-Western World—both of which capture the same geopolitical phenomenon, relating to what Amitav Acharya in 2014 called

the end of American world order.”

The single event that did the most to catalyze the multipolarization trend was the

U.S.’s subprime-mortgage crisis 

from 2007 to 2010.

The crisis marked the moment when a growing number of international investors and economists

started to take BRICS more seriously.

Due to developing countries’ governance failures in response to the recession, the international financial order faced a legitimacy crisis.

BRICS economies increased their intra-bloc cooperation in international finance and successfully established themselves as

new pillars of stability in the world economy,

with the nations enjoying an average annual economic growth of 10.7 percent from 2006 to 2008. 

Since then, the bloc’s primary objective has been to promote

a shift from the Western-led global governance system

to a more inclusive paradigm of multipolarity that could serve as

an alternative to the U.S.-hegemonic unipolar model.

“We underline our support for

a more democratic and just

multi-polar world order based on the rule of

international law, equality, mutual respect, cooperation, coordinated action and collective decision-making of all states,”

reads the Joint Statement of the BRIC Countries’ Leaders, published at its 2009 meeting in Yekaterinburg. This position regarding

multipolarity has been maintained throughout the following years.

Despite the initial disbelief in BRICS’s effectiveness and cohesion 

among Western commentators,

the Financial Times finally admitted in 2014

that “shifts in global economic power suggest that

changes in institutional power may be logical—or even inevitable.”

Following the BRICS summit in China in 2017, members published the Xiamen Declaration, which laid out a 68-point manifesto for

a multipolar world order aimed at

replacing Pax Americana.

The “strategic partnership” status of intra-bloc relations was approved, and the

centrality of the United Nations,

the need to reform the UN Security Council, and Bretton Woods institutions were reaffirmed. 

Notably, at the same summit, Beijing came up with the idea known as “BRICS+” that has paved the way for the bloc’s

cooperation with non-member states

and created a solid base for a truly “collective leadership.”

As the recent BRICS forum proved, more and more countries are becoming interested in cooperating with the bloc, with Middle East and Latin American nations keeping a close eye on the group of emerging economies, and 

Argentina and Iran already desiring to become full members.

Both China and Russia appear to look favorably at BRICS enlargement

as a way “to embrace changes and keep abreast with the times,” and have said they look forward to clarifying “the guiding principles, standards, criteria and procedures” of the enlargement process.

The BRICS nations account for more than 40 percent of the Earth’s population. Their collective GDP amounts to 25 percent of global GDP ($21 trillion), and the nations’ share in world trade was close to 20 percent ($6.7 trillion) in 2020. It should be obvious that BRICS is a force to be reckoned with.

The dominant position of the Western powers is eroding. In contrast, powers like China and India have come to the fore, making the

global decision-making elite less Western

and ideologically more diverse. 

As Brazilian President Jair Bolsonaro rightly noted, “the growing weight of the emerging economies in the world

requires a proper representation.”

This process is organic and irreversible. It is represents an order in which

the U.N. and G20 are given preference

over NATO and the G7 group.

The BRICS nations are laying the foundations of a multipolar world order that is

genuinely democratic, where states act as sovereign entities

co-managing the international system

through international law

rather than

under a hegemonic [US taxpayer funded]

“rules-based order.””

………………………………………….

“ABOUT THE AUTHOR: Adriel Kasonta is a London-based political risk consultant and lawyer. His work has been published in Forbes, CapX, National Review, the National InterestThe American Conservative, and Antiwar.com, to name a few. You can follow him on Twitter @Adriel_Kasonta.”

**************************

Added: All G7 “really cares about is

containment of China and Russia:”

7/22/22, More countries knocking on BRICS’ door, a sign the world needs fairer governance,” Global Times commentary, via manilatimes.net

“BRICS, a grouping of major emerging economies — Brazil, Russia, India, China and South Africa — has become one of the trending buzzwords in global public opinion lately….

What BRICS is against are

power politics, hegemony, the law of the jungle, all of which basically determine that in international politics,

only major powers have a say, and small countries

must be obedient,

or even be exploited.

Against this backdrop, BRICS calls for fairness and justice, a global governance in which developing countries have their due status and their voices can be heard. The BRICS just want to bring a

balance in the current global order.

When the West compares BRICS with G7 and NATO, it has turned a blind eye to the fact that

G7 has long become a rich countries’ club, and

NATO’s mentality is still trapped in the Cold War.

Whenever G7 attempts to put up a show to discuss various global issues nowadays,

all it really cares about

is containment of China and Russia.”…

 

From → Uncategorized

Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: