The BRICSAM countries and changing world economic power

Increasing integra- tion can be observed in the almost universal rise in the share of the exports of goods and services in GDP, and the increase in private capital flows. [...] It is in the common interest of the BRICSAM countries to ensure that the workings of the major international economic institutions contribute to maintaining the free flow of goods, services and capital necessary for these economies to achieve their potential. [...] Innovations in International Governance Even during the postwar period of rapid growth, various problems bedevilled the world economy, among them: recovery of the war-ravaged economies and the associated problem of a dollar shortage; concerns about the sufficiency of world monetary reserves, including problems with the world gold market and the so-called Triffin paradox;1 and the need to accelerat [...] But world production of gold was inadequate to meet the requirements of world reserves, so the gap would have to be met by the expansion of holdings of key currencies, particu- larly the US dollar, in the reserves of other countries. [...] Growth in per capita income in Latin America recovered in the 1990s to the level achieved in the 1970s, though still only half the rate of the 1960s; since the beginning of this century, however, it has slipped a bit.