While we shouldn’t read too much into the Brics expansion, the geopolitical landscape is shifting
was evidence of the challenge posed to America from the leading emerging market countries.
There is nothing new in this. It is the way the international financial system has operated since the second world war. Unsurprisingly, Washington wants the status quo to continue because it allows the US to fund its twin deficits without needing to take the tough deflationary action that would be demanded of less privileged countries.
There are a number of reasons for this. Looked at from the perspective of a developing country, the way the global economy is run looks like a stitch-up. The US and its western allies have controlled theand the World Bank since they were founded in 1944, to the extent that every IMF managing director has been a European and every World Bank president an American. By virtue of their permanent seats on the UN security council, the US, Britain and France can veto any initiatives they don’t like.
By contrast, most of Africa is seen as aligned or leaning towards China, as is most of Asia and a significant chunk of South America.
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