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BRICS-Bank-Is it viable alternative to World bank? Time will tell.

  1. pramodgokhale profile image46
    pramodgokhaleposted 5 years ago

    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.

  2. conradofontanilla profile image82
    conradofontanillaposted 5 years ago

    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.

    1. pramodgokhale profile image46
      pramodgokhaleposted 5 years agoin reply to this

      Sir, you are right. bank should work as a bank not a authority to dictate
      thank you
      pramod gokhale

 
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