It reflects a fundamental change in global economic and political - TopicsExpress

It reflects a fundamental change in global economic and political power, says Nobel Prize-winning economist Joseph Stiglitz about the five countries that launched a new development bank to challenge the U.S.-dominated World Bank and International Monetary Fund. Leaders from the so-called #BRICS countries — Brazil, Russia, India, China and South Africa — unveiled the New Development Bank at a summit in the Brazilian city of Fortaleza. Together, BRICS countries account for 25 percent of global GDP and 40 percent of the world’s population.

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