movements in Brazil and South Africa have been fueled by unrealized
socio-economic expectations and by explosive growth in India, what they have
most in common is the subordination of democracy to money.
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The Euro-BRICS project firmly believes that the emergence of a multipolar world is a heavy trend that should be welcome and accompanied rather than feared and contained. Indeed LEAP bases its work on an original prospective method – political anticipation – which, among other features, intends to help detect unavoidable trends, identify future-bearer paths amidst these trends and define adaptation strategies for systems to find their way through these positive futures. One of our predicates is that containing heavy trends leads to violence, whether economic, social or military.
BRICS are friendly family enablers of Western capitalists who are fatally addicted to speculative-centric, carbon-intensive accumulation. Suffering what increasingly appears to be the neurological impairment of a junkie, officials in Washington, London, Brussels, Frankfurt and Tokyo continue helter-skelter pumping of zero-interest dollars, euros and yen into the world economy. This is a hopeless drug-addict’s fix: maintaining policies of economic liberalisation that lower national economic barriers and generate new asset bubbles.
Patrick Bond is the director of the Center for Civil Society and a professor at the University of KwaZulu-Natal in South Africa. Bond is the author of the recently released books, South Africa - The Present as History (with John Saul) and the 3rd edition of Elite Transition.
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 BRICS countries — Brazil, Russia, India, China and South Africa — unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza. The bank will be headquartered in Shanghai. Together, BRICS countries account for 25 percent of global GDP and 40 percent of the world’s population. To discuss this development, we are joined by Nobel Prize-winning economist Joseph Stiglitz, a professor at Columbia University and the World Bank’s former chief economist. "It’s very important in many ways," Stiglitz says of the New Development Bank’s founding. "This is adding to the flow of money that will go to finance infrastructure, adaptation to climate change — all the needs that are so evident in the poorest countries. It [also] reflects a fundamental change in global economic and political power. The BRICS countries today are richer than the advanced countries were when the World Bank and the IMF were founded. We’re in a different world — but the old institutions haven’t kept up."
Curated by jean lievens
Economist, specialized in political economy and peer-to-peer dynamics; core member of the P2P Foundation
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money money money
on money and what it is
From the Great White Way to the West-End and beyond
on peer-to-peer dynamics in the field of politics, economics and institutions
Not TINA (There Is No Alternative) but TAPAS: THERE ARE PLENTY OF ALTERNATIVES