Is BRICS a True Alternative?
by Patrick Bond
The $100 billion BRICS New Development Bank aimed at providing capital to the developing world isn’t a sufficient alternative argues Patrick Bond.
The main point of the BRICS summit this week was host Vladimir Putin’s demonstration of economic autonomy, given how much Western sanctions and low oil prices keep biting Russia. In part this sense of autonomy comes from nominal progress made on the bloc’s two new financial institutions.