Book Authored (ISBN-10: 0824821599)

Book Authored (ISBN-10: 0824821599)
Sovereign Rights and Territorial Space in Sino-Japanese Relations: Irredentism and the Diaoyu/Senkaku Islands (ISBN-10: 0824824938)

Saturday, August 6, 2011

BRICS-I

When Jim O’Neill of Goldman Sachs created the word, “BRIC” 10 years ago, he did not expect that “BRIC” would become “BRICS” in 2011. BRIC added "S" -- South Africa to become "BRICS" officially. This was done at the summit in Hainan Province, China when BRICS made its Sanya Declaration. Meanwhile while the world is watching the annual IMF and World Bank spring meeting, BRICS holding their annual summit. As BRICS account for 40 percent of the world population and 24 percent of global GDP, they have a legitimate complaint that the world has been economically dominated by the developed countries (G7) with only about 10 percent of the global population (Japan Times 3 May 2011). In the communiqué, BRICS determined to end Pax Americana by making the transition to new world order and blamed “old hegemony” (i.e., the US) for the global financial chaos (Financial Times 16 April 2011).  BRICS demanded comprehensive reform of the UN and reform of voting rights in IMF. As William Pesek of the Bloomberg News states, “What is really highlighted is what really matters: the “C” in BRICS (Japan Times 2 May 2011).” Now, China is asking to reform the special drawing right (SDR) in IMF after the Chinese became vice-director. 
 Source: Chinese President Hu Jintao (Center), Brazilian President Dilma Rousseff (2nd Right), Russian President Dmitry Medvedev (2nd Left), Indian Prime Minister Manmohan Singh (1st Left) and South African President Jacob Zuma (1st Right) attend a photocall in Sanya, south China's Hainan Province, April 14, 2011. Xinhua News, http://news.xinhuanet.com/english2010/china/2011-04/15/c_13829493.htm (access date: 6 August 2011)
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