Description: A blog that analyses the imperialist world economy - how it works and what are its main features today
Analysis of how the world economy works
Rich countries run the world economy. The G7 – the US, UK, Germany, France, Italy, Japan and Canada – directly manage all major international bodies or greatly influence how these work. In the process, they set the terms for international trade and investment. Any country that disobeys their US-led ‘rules-based order’ is faced with sanctions, economic isolation and military threats. But the past six months have seen accelerating moves to build a framework outside this web of domination. This article assesse
The BRICS acronym represents Brazil, Russia, India, China and South Africa. They are not in the rich G7, but account for some 40% of the world’s population compared to the G7’s 10%. Each has a different political stance, but they have a common interest in cooperating for national economic development. A BRIC country group was set up in 2006; South Africa joined the original four in 2011. Subsequent years saw little progress in cooperation. Instead, it was China that pressed ahead, through its Belt and Road