BRICS Vs WORLD BANK= GLOBALIZATION

BRICS Vs WORLD BANK= GLOBALIZATION

Politics is an art to capture important trade routes, enhance businesses and establish financial institutions. The world of Keynes is over and now world is drifting towards new avenues. According to Chris weafer of Moscow Times “In 2001 Goldman Sachs strategist Jim O'Neill first proposed the acronym BRIC to group together Brazil, Russia, India and China, four of the world's fastest-growing economies. In 2010 South Africa joined the group, changing the acronym to BRICS.” Many countries are in line to join while Iran has already announced his wish. “TEHRAN (FNA)- Iranian Deputy Economy Minister Behrouz Alishiri announced Tehran's enthusiasm for membership in the BRICS (Brazil, Russia, India, China and South Africa) group of countries.”

It shows why Americans are again listening Russians like they did in case of Syria. Will BRICS challenge WB? Will PPP lead world economy? And will it create new power centers? These are tricky questions. Is Tug of war between US and Russia a result of such developments? Developing Countries who are still out of BRICS has chance to renegotiate with old economic players but it depends on their own internal positions.  

Some useful links to understand the current economic situation are

• http://www.themoscowtimes.com/opinion/article/russia-has-earned-its-place-in-the-brics-bank/503354.html
• http://www.imf.org/external/spring/2011/mmedia/view.aspx?vid=906001151001
• http://en.wikipedia.org/wiki/Purchasing_power_parity
• http://en.wikipedia.org/wiki/New_Development_Bank
• http://www.bbc.com/news/business-28317555