BRICS banking and the debate over sub-imperialism

Patrick Bond

doi:10.1080/01436597.2015.1128816

BRICS banking and the debate over sub-imperialism

Patrick Bond

University of the Witwatersrand

Research output: Contribution to journal › Article › peer-review

53 Citations (Scopus)

Abstract

Funded at $100 billion each, the BRICS Contingent Reserve Arrangement (CRA) and New Development Bank (NDB) represent ‘sub-imperial’ finance, insofar as, by all indications, they fit into – instead of providing alternatives to – the prevailing world systems of sovereign debt and project credits. Balance of payments constraints for BRICS members will not be relieved by the CRA, which requires an IMF intervention after just 30% of the quota is borrowed. In this context the NDB would appear close to the Bretton Woods Institution model, promoting frenetic extractivist calculations based on US dollar financing and hence more pressure to export.

Original language	English
Pages (from-to)	611-629
Number of pages	19
Journal	Third World Quarterly
Volume	37
Issue number	4
DOIs	https://doi.org/10.1080/01436597.2015.1128816
Publication status	Published - 2 Apr 2016
Externally published	Yes

Keywords

BRICS and rising powers
Capitalism and centre–Periphery
Economy and finance
South Africa

ASJC Scopus subject areas

Development

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

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10.1080/01436597.2015.1128816

Cite this

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BRICS banking and the debate over sub-imperialism

Abstract

Keywords

ASJC Scopus subject areas

UN SDGs

Access to Document

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