| ID | 140621 |
| Title Proper | BRICS |
| Other Title Information | can they shape a new world order? |
| Language | ENG |
| Author | Yadav, Deepak |
| Summary / Abstract (Note) | There is no question that this institution will pose as a rival to the Bretton Woods Institutions. The bigger danger for the dollar is the reality that other emerging states that want to break from the conditional ties of the IMF can benefit from the NDB and CRA. The BRICS states make up more than a quarter of the Global GDP and holds less than 11 per cent of the voting rights in the IMF. The United States holds over 16.8 per cent of the voting power in the IMF and along with the countries of Britain, France, Germany and Italy control over 34 per cent of the vote of the IMF. After the crash of Wall Street in 2008 there were efforts by the BRICS group to restructure the World Bank and the IMF to increase the influence of China and other BRICS societies. Wall Street could not countenance this restructuring because the dominance of the Bretton Woods Institutions ensured the military management of the international system in so far as the poorer countries of the world had to keep their reserves in dollars and the US could finance its expenditures from the hard earned savings of other peoples. The BRICS formation will now give the poorer societies a greater say in the international financial order. |
| `In' analytical Note | World Focus Vol. 36, No.9; Sep 2015: p.67-72 |
| Journal Source | World Focus 2015-09 36, 9 |
| Key Words | New World Order ; IMF ; Military Management ; NDB and CRA ; International Financial Order ; BRICS |