This thought-provoking article by Elias Jabbour – associate professor of theory and policy of economic planning at Rio de Janeiro State University, and member of the Friends of Socialist China advisory group – explores the shifting dynamics of global power and the emergence of BRICS+ as a significant factor in the evolving international order. The article underlines the significance of China’s socialist development in particular – which has positioned it at the centre of a rising multipolar world – and an emerging “globalisation with Chinese characteristics” which promotes development, peace and common prosperity, in contrast to the enforced inequality and violence that characterise imperialist globalisation.
Elias notes the resurgence of the Global South as a key factor in the transformation of the international order, and the role of BRICS+ in this process. While the Global South is made up of “a heterogeneous set of countries, with differentiated levels of development”, these countries collectively “have the ability to converge on some fundamental issues for their own future, and for that of humanity itself.” Put in other words, the countries of the Global South have a shared interest in opposing imperialism, defending sovereignty and pursuing peaceful development. China stands at the centre of the process of uniting the countries of the Global South in promoting a multipolar, democratic and fair system of international relations.
The article also highlights the significance of the Belt and Road Initiative as a key component of China’s global strategy, and the potential for BRI to transform the global economic landscape by promoting infrastructure development, economic integration, and a shift away from the financialised neoliberal model associated with the US.
Elias discusses the disastrous consequences of the collapse of the Soviet Union and the concurrent global imposition of neoliberalism. On the other hand, the US’s moment of triumph did not last long, and the last decade and a half have witnessed “the erosion of the ability to reinvent capitalism due to financialisation and the emergence of a socialist country (China) as an economic power whose path reflects nothing of the neoliberal recipes sold by the IMF and the World Bank have contributed to the acceleration of a systemic transition, in which a new globalisation centered on China is only its greatest expression.”
In conclusion, the article argues that the political future of BRICS+ and the broader Global South is intricately linked to China’s trajectory and its ability to offer a developmental model that counters neoliberalism. It suggests that the global struggle against underdevelopment and for independence is gaining momentum, with BRICS+ playing a pivotal role in shaping a more equitable global order.
This article first appeared in Geopolitical Economy Report.
The emergence and rise of new poles of power to the detriment of existing ones is nothing new in history. Since the 18th century, there have been countless examples of transitions in international hegemony. This accelerated with the emergence of industrial capitalism in England, which was more advanced than the Portuguese and Spanish commercial capitalism that for centuries had dominated much of the world, especially Latin America.
Even the capitalist dynamic inaugurated by England has characteristics that are not unfamiliar to economic historians with great theoretical and conceptual rigor.
Well known is Vladimir Lenin’s discovery of the uneven nature of the development of nations and the tendency of the most developed countries to lose dynamism while others begin to enjoy what economist Alexander Gerschenkron called the “advantages of backwardness”.
So the international order cannot be observed, from a historical point of view, as a march where countries change positions like in a military parade.
The emergence of monopolistic capitalism brought with it the tendency toward war, for example. We have witnessed two great world wars where the center of the dispute was world power, with results that consolidated new political actors on the international stage, mainly the United States.
A new systemic transition
I start from the historical principle that reality has shown Lenin to be correct, regarding the uneven development of the system and the tendency toward stagnation in the developed centers. These processes open spaces of power in the world.
I also say that we will have little to offer in terms of explanation for the future if we do not relate the transformation of the United States into a unified continental economy at the end of the 19th century, and its impacts on the development of the international capitalist system, with what we have witnessed in China over the past decades: the emergence of a unified continental economy in the third-largest country in the world, which is generating huge impacts on the international political economy – and is still little investigated by so-called experts.
This is a fundamental point when we want to develop a sophisticated thinking about the BRICS+ and the future of the international order. I will return to this point.
On the other hand, we are witnessing a new wave of systemic transition today. This time, there is the emergence of new poles of global power on one side, while on the other there is an accelerated stage of political, social, moral, and economic decomposition of a hegemonic power: the United States of America.
It is interesting to note that the new order that is emerging is itself the product of the order created by the United States after World War II, which accelerated in the late 1970s with the rise of neoliberalism, and especially after the end of the Soviet Union.
Globalization led by the powerful finance of the United States was a reality that transformed the economic geography of the world, but which is eroding within its own limits. Since the moment when financialization became the dominant dynamic of accumulation in capitalism, and neoliberalism won hearts and minds around the globe, the world has entered a spiral of greater instability and unpredictability.
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