DEVS 100 Lecture Notes - Lecture 11: Devs, Group Of 77
10 Dec 2017
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What are the brics: original group was brazil, russia, india and china, term coined by banker at goldman sachs, first summit in 2009, south africa joined in 2010, large, fast growing economics. Combined gdp of us . 7 trillion in 2011. Us trillion in combined foregin reserves. Gdp of a country but taking into account the buying power of a dolalr. China is the country in the brics that has the most stable growing economy. Purpose of brics: counter-weight to the us and eu hegemony. Defenders and promoters of developing countries and a force for world peace . Influence regional and global affairs: development ideas/institutions, south-south cooperation (brics has a staying power) The g7 represents the 7 largest advanced economics in the world, with approx. 70s. the eu is also represented within the g7 summit. Founded in 1999, the g20 aims to discuss policy pertaining to the promotion of int. financial stability.
