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
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