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Accepted Paper:
South Africa, the BRICS and the currency wars: shaping Africa's future
Leonard Gentle
(International Labour Research and Information Group )
Paper short abstract:
With the stated intention by the BRICS partners of a new BRICS bank they will be challenging the reserve curency status of the US dollar. This reflects the decline of the USA and the rise of new powers including South Africa, the strongest power in Africa.
Paper long abstract:
The South African poltical has been shaped by powerful monoplies over much of its history. With the end of Apartheid these monopolies have relocated offshore but retained their rand-denominated assets. Together with the SA state they seek a new financial order less dependent on the dollar. Thia is a common theme amongst new powers allied in the BRICS. In the meanwhile the USA and China are locked in battle over the relative strengths of the dollar and the renminbi. Africa's future will be shaped by the outcome of these contestations.
Panel
P043
BRICS and Africa: the increasing engagement of emerging powers in a resource-rich continent
Session 1