BRICS Banking and the Demise of Alternatives to the IMF and World Bank

Research output: Chapter in Book/Report/Conference proceedingChapterpeer-review

4 Citations (Scopus)


In mid-2014, the New Development Bank and Contingent Reserve Arrangement were born at the Fortaleza summit of the Brazil-Russia-India-China-South Africa (BRICS) network. Frustrations had mounted with the Bretton Woods and related multilateral institutions responsible for both balance-of-payments support and project finance. The financing hopes of New Developmentalism included the supply of credit for both macroeconomic and microeconomic strategies similar to the ideal-type Brazilian experience during the Workers Party era. However, these hopes soon faded and BRICS efforts to reform the Bretton Woods Institutions had, by 2019, become fruitless. A different, more ambitious approach consistent with an older approach, the dependencia strategy (also in the spirit of John Maynard Keynes), is now much more appropriate, although the balance of forces in the wake of Jair Bolsonaro’s election makes this unlikely.

Original languageEnglish
Title of host publicationGoverning China in the 21st Century
PublisherPalgrave Macmillan
Number of pages30
Publication statusPublished - 2020
Externally publishedYes

Publication series

NameGoverning China in the 21st Century
ISSN (Print)2730-6968
ISSN (Electronic)2730-6976

ASJC Scopus subject areas

  • Development
  • Social Sciences (miscellaneous)
  • Sociology and Political Science
  • Economics, Econometrics and Finance (miscellaneous)


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