BRICS by Brick: Building the New World Economy

BRICS by Brick: Building the New World Economy

The interests of policymakers in the world’s largest economic organizations are decreasingly representative of the realities in the world economy.

Can the BRICS overcome the ideological differences that divide their nations and collaborate to create a new global financial institution?

“Should the five—Brazil, Russia, India, China, and South Africa—create their own development bank and crisis fund?

BRICS leaders, concluding a summit meeting in Durban, South Africa, today pronounced the idea ‘feasible and viable.’ They also made clear, however, that it won’t happen soon, as they failed to reach agreement on how such institutions would be financed and governed.”

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