… created to counter Western dominance
http://rt.com (July 18 2014)
Nobel Prize-winning economist Joseph Stiglitz has praised the new development bank founded this week by the BRICS countries for creating a financial institution that could counter the Western-dominated IMF and World Bank.
Stiglitz, a professor at Columbia University and former chief economist for the World Bank, said the New Development Bank marks a “fundamental change in global economic and political power”. He added that the effort by Brazil, Russia, India, China, and South Africa (BRICS) could revitalize the way funds are distributed to developing nations in a changing global economy that the “old institutions” like the International Monetary Fund and the World Bank have not adequately recognized.
“The existing institutions just don’t have enough resources”, Stiglitz told Democracy Now. “They have enough for two, three, four percent. So, this is adding to the flow of money that will go…
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