[Journal:] International Journal of Economic Sciences and Applied Research [ISSN:] 1791-3373 [Volume:] 7 [Year:] 2014 [Issue:] 1 [Pages:] 51-67
The international economic crisis which began in 2007 has limited developed countries’ growth rates and manifested debt crises in certain economies in the Eurozone. It is the aim of this article to analyze the role that the BRIC group of nations has played in international financial institutions under the prism of economic nationalism of International Political Economy. Firstly, it aims to deepen our understanding of the emergence of the BRICs in the world economy. To this end, a macroeconomic analysis is carried out with the aim of making clear the changes the BRICs have brought to the world economy. Secondly, an analysis is made of the extent to which the global economic crisis has enhanced the role of the BRICs in the world economy, for instance in the decisions taken by powerful institutions such as World Trade Organization, the International Monetary Fund and its sister organization the World Bank. An analysis of the findings of the study is also provided.
BRICs International Political Economy World Trade Organization International Monetary Fund World Bank