{"id":131739,"date":"2014-07-18T16:38:16","date_gmt":"2014-07-18T16:38:16","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/?p=131739"},"modified":"2014-07-20T17:31:43","modified_gmt":"2014-07-20T17:31:43","slug":"nobel-economist-joseph-stiglitz-hails-new-brics-bank-challenging-us-dominated-world-bank-imf","status":"publish","type":"post","link":"https:\/\/rinf.com\/alt-news\/latest-news\/nobel-economist-joseph-stiglitz-hails-new-brics-bank-challenging-us-dominated-world-bank-imf\/","title":{"rendered":"Nobel Economist Joseph Stiglitz Hails New BRICS Bank Challenging US-Dominated World Bank and IMF"},"content":{"rendered":"

A group of five countries has launched its own development bank to challenge the U.S.-dominated World Bank and International Monetary Fund. Leaders from the so-called\u00a0<\/span>BRICS<\/span>\u00a0countries \u2013 Brazil, Russia, India, China and South Africa \u2013 unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza. The bank will be headquartered in Shanghai. <\/span><\/p>\n

Together,\u00a0<\/span>BRICS<\/span>\u00a0countries account for 25 percent of global\u00a0<\/span>GDP<\/span>\u00a0and 40 percent of the world\u2019s population. To discuss this development, we are joined by Nobel Prize-winning economist Joseph Stiglitz, a professor at Columbia University and the World Bank\u2019s former chief economist. “It\u2019s very important in many ways,” Stiglitz says of the New Development Bank\u2019s founding.<\/span><\/p>\n

“This is adding to the flow of money that will go to finance infrastructure, adaptation to climate change \u2013 all the needs that are so evident in the poorest countries. It [also] reflects a fundamental change in global economic and political power. The\u00a0<\/span>BRICS<\/span>\u00a0countries today are richer than the advanced countries were when the World Bank and the\u00a0<\/span>IMF<\/span>\u00a0were founded. We\u2019re in a different world \u2013 but the old institutions haven\u2019t kept up.”<\/span><\/p>\n