22 Jul 2014
Michael Hudson, Distinguished Research Professor of Economics at the University of Missouri and Leo Panitch, a distinguished research professor of political science at York University in Toronto, discuss and debate the significance of the new international development bank created by Brazil, Russia, India, China and South Africa (BRICS).
While Hudson argues that the new BRICS Bank, which is called the New Development Bank (NDB), heralds a new era in the global geopolitical power balance, Panitch contends that it doesn’t represent any significant departure from the past, notably because the BRICS countries will now simply favour their own elites through an exploitative neoliberal policy agenda.
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