BRIC Countries And Global Economic Governance Restructuring

The existing global economic governance framework does not conform torequirements of the actors’ strength distribution in current global system. On the onehand, it suggests that the direction of economic globalization is the excessiveexpansion of new liberalism idea in the global economy; On the other hand,developing countries have little right to give their voices in the existing globaleconomic governance framework, only passively accepting and obeying the rules setby the western developed countries. Due to further widened gap between the powerdistributions, emerging economies are no longer content to be in a subordinate statusin international political and economic affairs, and urgently request to participate inthe decision-making process of global governance rules.Academic field generally supports that the BRICS countries (Brazil, Russia,India, China and South Africa) are representative of the emerging economies. TheBRICS countries as an emerging economy has brought profound influences to theinternational society since it was first proposed till now in the first decade of thiscentury. Although compared to the previous couple of years, the BRICS countries’economic growth has slowed down, but the BRICS countries has played an criticalrole in promoting global governance, especially in global economic governancereform with other formal and informal international organizations.The paper comprehensively explores the participation, innovation,institutionalization and influences of the BRICS in global economic governancestructure transformation and come to a conclusion that the cooperation among theBRICS countries has enhanced the emerging economies’ influences on internationalaffairs, promoted the discourse power of emerging economies in the globaleconomic governance, and helped to transform the global economic governancestructure from "hegemonic governance" to "collaborative governance".