China, India, Brazil and South Africa in the World Economy

The object of this chapter is to analyze the economic implications of the rise of China, India, Brazil and South Africa situated in the wider context of the world economy. The structure of the chapter is as follows. The first section sketches a profile of China, India, Brazil and South Africa in the world economy. It sets the stage by outlining the broad contours of their significance in the past, present and future. The next section asks whether these countries could be the new engines of growth for the world, beginning with history and statistics to touch upon the underlying economic causation. The third section examines the possible impact of rapid growth in the four economies on the world economy, the industrialized countries and the developing countries. The penultimate section considers the main forms of engagement and channels of interaction for these countries with the world economy, with a focus on international trade, international investment, international finance and international migration. The final section discusses the potential influence of China, India, Brazil and South Africa on institutions in the global context, which would obviously extend beyond economics into politics and range from bilateralism through plurilateralism to multilateralism.