The BRICS countries - Brazil, Russia, India, China and South Africa – have set up a New Development Bank as an alternative to the International Monetary Fund and World Bank. These emerging economies have little in common and some observers warn that China could grow too big for the others to accept, or might restrict overall lending. It remains to be seen whether the member countries will be able to agree and make decisions based on financial integrity rather than geopolitical gamesmanship, writes GIS guest expert Cameron Frecklington.
Internal divisions pose problems for new BRICS bank
THE WORLD is financially dominated by Western powers.