BRICS Exam Essay 100% PASSED

Introduction: Thesis. (+) - ANS The rise of the economic power of BRICS countries represents a significant power shift in the global political economy. Introduction: Is the power being shifted directly toward the BRICS? What is the mere existence of BRICS attempting to do? (SPE-HBRR-C) - ANS This power shift in STRUCTURAL, POLITICAL or ECONOMIC power is not a "HANDOVER" of power to the BRICS countries- yet, it is an attempt to REDUCE Western dominance and to REFORM the current global political economic system where power is more dispersed internationally. CHALLENGE the dominant Western neoliberal global economic system. Introduction: What is the BRICS Development Bank seen as a first step toward according to Nevin? (LC) - ANS The BRICS Development Bank is seen as a first step towards LARGER economic, trade and investment COOPERATION, therefore introducing an imminent power shift in the global political economy (Nevin). Introduction: What did Vladimir Putin state the BRICS bank's goal was? (S) - ANS Vladimir Putin- the bank's goal was to SUPPLEMENT the current global financial structure rather than replace it. Additional Info: What are two main goals of the BRICS? (FP) - ANS 1. Its purpose is to FUND development and infrastructure, lend to members during crisis, and issue convertible debt. 2. CRA provides additional equity PROTECTION incase they experience a financial shock or are having trouble to pay them back. Additional Info: When was the BRICS Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) founded? - ANS 2014.