Emerging Economies' Influence in Shaping Global Governance Structures and Issues

Abstract

The global economy is transforming from a bipolar structure in which developed nations mainly control the global governance system to a multipolar structure mainly due to fast industrialization and economic growth of emerging economies. These countries, including China, India and Brazil, as they grow economically and politically, are pushing for the reform of international organizations to become more democratic. The emergence of new economic and political actors, for instance BRICS and G20 is an indication of the fact that these countries are working together to redesign new international relations architectures because traditional systems failed to address emerging challenges. This paper aims at analyzing the process of evolution of the emerging economies in the context of their participation in the global governance with a focus on their effects on economic, political and security dimensions. Using China, India and Brazil as the case, the paper shows that these countries are not only demanding changes in existing institutions but are also shaping new governance structures. Finally, the paper looks into the possible future environments for global governance with an emphasis on the necessity to develop a new, fairer model that would correspond to the trends of a multipolar world.

Keywords:  Emerging Economies, Global Governance, Political Clout, Multipolar World, Institutions