In the first decade of the 21st century, five rising powers (Brazil, Russia, India, China, and South Africa) formed an exclusive and informal international club, the BRICS. Although neither revolutionaries nor extreme revisionists, the BRICS perceive an ongoing global power shift and contest the West's pretensions to permanent stewardship of the existing economic order. Together they have exercised collective financial statecraft, employing their expanding financial and monetary capabilities for the purpose of achieving larger foreign policy goals. This volume examines the forms and strategies of such collective financial statecraft, and the motivations of each individual government for collaborating through the BRICS club. Their cooperative financial statecraft takes various forms, ranging from pressure for "inside reforms" of either multilateral institutions or global markets, to "outside options" exercised through creating new multilateral institutions or jointly pushing for new realities in international financial markets. To the surprise of many observers, the joint actions of the BRICS are largely successful. Although each member has its unique rationale for collaboration, the largest member, China, controls resources that permit it the greatest influence in intra-club decision-making. The BRICS cooperate due to both common aversions (for example, resentment over being perennial junior partners in global economic and financial governance and resistance to infringements on their autonomy due to U.S. dollar dominance and financial power) and common interests (such as obtaining greater voice in international institutions, as the IMF). The group seeks reforms, influence, and enhanced leadership roles within the liberal capitalist global system. Where blocked, they experiment with parallel multilateral institutions in which they are the dominant rule-makers. The future of the BRICS depends not only on their bargaining power and adjustment to market players, but also on their ability to overcome domestic impediments to sustainable economic growth, the basis for their international influence.

In the first decade of the 21st century, five rising powers (Brazil, Russia, India, China, and South Africa) formed an exclusive and informal international club, the BRICS. Although neither revolutionaries nor extreme revisionists, the BRICS perceive an ongoing global power shift and contest the West's pretensions to permanent stewardship of the existing economic order. Together they have exercised collective financial statecraft, employing their expanding financial and monetary capabilities for the purpose of achieving larger foreign policy goals. This volume examines the forms and strategies of such collective financial statecraft, and the motivations of each individual government for collaborating through the BRICS club. Their cooperative financial statecraft takes various forms, ranging from pressure for "inside reforms" of either multilateral institutions or global markets, to "outside options" exercised through creating new multilateral institutions or jointly pushing for new realities in international financial markets. To the surprise of many observers, the joint actions of the BRICS are largely successful. Although each member has its unique rationale for collaboration, the largest member, China, controls resources that permit it the greatest influence in intra-club decision-making. The BRICS cooperate due to both common aversions (for example, resentment over being perennial junior partners in global economic and financial governance and resistance to infringements on their autonomy due to U.S. dollar dominance and financial power) and common interests (such as obtaining greater voice in international institutions, as the IMF). The group seeks reforms, influence, and enhanced leadership roles within the liberal capitalist global system. Where blocked, they experiment with parallel multilateral institutions in which they are the dominant rule-makers. The future of the BRICS depends not only on their bargaining power and adjustment to market players, but also on their ability to overcome domestic impediments to sustainable economic growth, the basis for their international influence.

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The Postcommunist World in the Twenty-First Century presents studies by senior scholars and practitioners that are highly relevant to contemporary political challenges. The democratic vision that accompanied the collapse of communist regimes in the Soviet Union and East Central Europe has been replaced by a range of authoritarian, semi-authoritarian and democratic regimes, and growing division between Western and Russian influence. Russia's invasion of Ukraine has led to renewed tensions and international crisis. China, which presents major challenges to the US, Europe, and the global order, has emerged as a critical actor in the international conflict. The need to understand the internal dynamics and international behavior of communist and authoritarian regimes is more urgent at this time. The expertise provided by the volume's contributors is especially timely, offering new insights into the past and contemporary politics of these states, the agendas driving their behavior, regimes' domestic strengths and weaknesses, and the role of leaders' differing perceptions in exacerbating international conflict. Practitioners demonstrate how such knowledge can inform effective policy and ameliorative efforts.