BRICS Bank Will Not Solve Members’ Energy Issues

By Chris Dalby: From changing the nature of global politics to being a force for human rights, the announcement of the new BRICS development bank has been met with feverish anticipation by the global economic community. Its supporters have written that it will free the world from the grip of the U.S. dollar as reserve currency, while […]

Is the BRICS Bank More ‘Democratic’ Than the World Bank?

The launch of the new BRICS development bank “reflects the disparity and democratic deficiency in the global governance and is trying to restart, to rethink that,” according to Nobel economist Joseph Stiglitz.  But is the BRICS bank really more “democratic” than the World Bank, whose governance legitimacy its founders are challenging? As the Geo-Graphic above shows, […]

Hurling BRICS at the World Bank and the $

Brazil, Russia, India, China, and South Africa (the “BRICS”) made a splash last week with the official launch of their new development bank.  The backers made no secret of their intention to challenge the way things are done in the established international financial and monetary architecture. The irony is that India and China are the […]

BRICS and Mortals

Leaders of the BRICS–Brazil, Russia, India, China, and South Africa–meet in Rio today to swap World Cup stories and launch a long-discussed “BRICS Bank.” The bank creates two funds–a development lending facility (New Development Bank or NDB) backed by $50 billion in capital ($10 billion from each of the BRICs), and a $100 billion rescue […]