Die Dissoziation der BRICs im finanzialisierten Kapitalismus

Abstract

Schlagwörter: BRICs, Finanzialisierung, Akkumulation, Dissoziation, Globalisierung, Brasilien, Russland, China, Indien

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The Dissociation of the BRICs from Finance-led Capitalism.

Abtract

Compared to developed countries, Brazil, Russia, India, and China (BRICs) were hardly affected by the global fi nancial crisis. Part of the explanation  appears to lie in their gradual uncoupling from global finance-led  capitalism. This article investigates whether the BRICs implemented the  plea for dissociation that Senghaas formulated in the 1970s with regard to the contemporary financialized world economy. As empirical results show, the rejection of dependency on external and particularly market-based finance increases the manoeuvre room for inward-oriented economic policies. However, although such a strategy yields macroeconomic stability, its overall developmental value should be assessed critically.

Keywords: BRICs, financialization, accumulation, dissociation, globalization, Brazil, India, Russia, China