BRICS’s Challenge with US Controlled World Financial Structure

پژوهش نامه ایرانی سیاست بین الملل

Article 7, Volume 8, Issue 1, September 2019, Pages 141-168   

Document Type: مقالات

DOI: 10.22067/ijip.v8i1.68522

Authors

Seyyed Saeed mirtorabi Hosseini¹; Sayyd Mohammad Hadi mosavi^{* 2}

¹, Kharazmi University

²Kharazmi University

Abstract

Abstract
United State emerged as a major economic and financial power after World War II and shaped a new order for institutionalization of world trade and financial exchanges which called Bretton Woods. During past decades, many changes have occurred in economic and trade structures of the world which has been accelerated after financial and economic crisis in 2008, but it seems that these changes have not translated in current global financial structure completely. BRICS as an emerging economic and financial block has challenged Bretton Woods institutions and strengthened the possibility of shaping new order in global finance. This article, studies how BRICKS has challenged current western based world financial structure. The article shows that BRICS group as China based club, by making new multilateral institutions and procedures and struggle for reinforcing its presence in Bretton Woods institutions not only has weakened US structural power in global finance, but has strengthened its position in this era.

Keywords

BRICS; financial structure; China; United State; Bretton Woodes

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