July 14, 2014
Conveniently scheduled at the end of the World Cup, leaders of the BRICS countries (Brazil, Russia, India, China and South Africa) travel to Brazil this month for a meeting that presents them with a truly historic opportunity.
While in Brazil, the BRICS hope to establish a new development bank and reserve currency pool arrangement. This action could strike a true trifecta — recharge global economic governance and the prospects for development as well as pressure the World Bank and the International Monetary Fund (IMF) — to get back on the right track.
The two Bretton Woods institutions, both headquartered in Washington, with good reason originally put financial stability, employment and development as their core missions. That focus, however, became derailed in the last quarter of the 20th century.
During the 1980s and 1990s,
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