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BRICS-Bank-Is it viable alternative to World bank? Time will tell.
Recently held meet in Durban of BRICS nation , it is proposed to set up a bank with 100 BL$ capital.
It is too early to predict of such ventures. It may compete WB. The five nations of five continents will be really a multi cultural organization.Present world bank is headed by G-7 EU and capitalist bloc.
India was benefited by bank's funding. India and third world nations in 60s 70s were treated as beggars cum debtors.Situation has changed. new emerging economies are going to set up bank to cater their financial needs and WB's monopoly will be contained.Under Robert McNamara WB funded India.
An alternative to World Bank is welcome. We are interested to see the foundation: is it gold standard or floating rate system. Or any other standard? Suppose it were the floating rate system, differences it could make are interest rate, and criteria in giving out loans. Of course, the more important one is that does it favor the BRICS Bank over that of the loanee? We presume that the bank operates on economic sense not on exploitation of people and resources. Add to that political and social sense.
Right now, China can build an alternative to World Bank if it wanted to. World banking also involves power, the power to collect. The present WB has power to install sanctions, embargoes upon errant borrowers.
by Deforest3 years ago
World Bank? Is it positive and encouraging for the world development or is it negative? Is it the end of the American hegemony?
by OLYHOOCH7 years ago
World Bank Head Raises Food Prices Alarm: ‘One Shock Away From a Full-Grown Crisis’The International Monetary Fund and World Bank have held their spring meetings at the World Bank building in the US capital,...
by Mathi P7 years ago
ha ha LOL - are u know ?
by megs788 years ago
There is much debate about the health care reform proposed by the President. I would like to know, from those who oppose it, what would be a good alternative? I really want to know...Thanks
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