Former World Bank Executive Highlights Rising Attraction to BRICS’ Vision for Global Order
According to Ana Palacio’s article on Project Syndicate, a former senior vice president of the World Bank, an increasing number of countries with grievances against the US and its allies are finding the idea of a BRICS-led global order appealing.
Developing nations that feel excluded are actively seeking an alternative worldview and institutional system. These nations are dissatisfied with the current international order, which they perceive as being dominated by the West and designed to hinder their economic growth and restrict their access to technology that can improve their standard of living.
Palacio emphasizes that developing economies are frustrated with the burdensome conditionality imposed on them by Western-dominated institutions. They are particularly critical of what they perceive as double standards on crucial policy matters like the green transition. Furthermore, these nations are unwilling to accept measures that they view as limiting their economies through conservation demands or restrictions on technology sharing.
The former World Bank executive suggests that the West’s reluctance to change its approach in global governance is driving disgruntled countries to seek a different kind of leadership – one that takes their national interests into account. As a result, potential alternatives, ranging from development banks to currencies, are becoming increasingly attractive to those who feel marginalized. The BRICS countries are actively working to construct a new world order, and their cause is gaining momentum among other dissatisfied nations.
Palacio highlights that at least 19 countries, including Argentina, Turkey, and Saudi Arabia, have expressed their interest in forming alliances with the BRICS. These countries perceive the BRICS as a promising platform that aligns more closely with their aspirations and challenges the prevailing global power dynamics.
Clever Robot News Desk 17th May 2023