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.

The Brazilian State: Debate and Agenda is part of the Bildner Western Hemisphere Studies Series. This book is a collection of 16 essays from the conference "The Brazilian State: Paths and Prospects of Dirigisme and Liberalization" held at The Graduate Center, City University of New York in November 2009. The Brazilian State explores the changing roles, relations with society, and overall impact of the contemporary Brazilian State, including, the newly elected Dilma Rousseff. Collectively, the papers explore state reform, institutional development, policy effectiveness, and economic dynamics since the 1930s.

This volume documents and explains the remarkable resilience of emerging market nations in East Asia and Latin America when faced with the global financial crisis in 2008 - 2009. Their quick bounceback from the crisis marked a radical departure from the past, such as when the 1982 debt shocks produced a decade-long recession in Latin America or when the Asian financial crisis dramatically slowed those economies in the late 1990s. Why? This volume suggests that these countries' resistance to the initial financial contagion is a tribute to financial-sector reforms undertaken over the past two decades. The rebound itself was a trade-led phenomenon, favoring the countries that had gone the farthest with macroeconomic restructuring and trade reform. Old labels used to describe "neoliberal versus developmentalist" strategies do not accurately capture the foundations of this recovery. These authors argue that policy learning and institutional reforms adopted in response to previous crises prompted policymakers to combine state and market approaches in effectively coping with the global financial crisis. The nations studied include Korea, China, India, Mexico, Argentina, and Brazil, accompanied by Latin American and Asian regional analyses that bring other emerging markets such as Chile and Peru into the picture. The substantial differences among the nations make their shared success even more remarkable and worthy of investigation. And although 2012 saw slowed growth in some emerging market nations, the authors argue this selective slowing suggests the need for deeper structural reforms in some countries, China and India in particular.