Reversal of Fortune? International Economic Governance, Alternative Development Strategies, and the Rise of the BRICS

This paper outlines some critiques of international trade and investment law which argued that such law is tilted in favour of developed states. Addressing the question: ‘Will the rise of the BRICS lead to changes in international economic law?’, the author points out that the BRICS states have relied to varying degrees on industrial policy to achieve more rapid growth and have resisted some of the pressures of international economic law. Their markets are also increasingly important to the world economy and they are increasing their influence in international organizations. It is also argued that Brazil, India and China have developed major capacity in the field of international economic law, and have been able to legally protect domestic policy space from external restrictions. However, efforts by the BRICS have not fully succeeded in this area.