The July Fortaleza summit of the Brazil-Russia-India-China-South Africa bloc suggests there is a new challenge to the West on financial, geopolitical, as well as potential environmental management terrains. But some progressive analysts differ as to whether there is a genuine alternative being constructed, or instead an amplification of the existing problems. From the Center for Economic and Policy Research, Mark Weisbrot sees the BRICS New Development Bank (NDB) and Contingent Reserve Arrangement (CRA) as potentially countering the global influence of US- and Europe-dominated financial institutions; while Patrick Bond from the Center for Civil Society in Durban, South Africa, dismisses the phenomenon as ‘sub-imperialism’ and is helping construct a ‘brics-from-below’ network.
Join the Institute for Policy Studies’ Global Economy and Foreign Policy In Focus projects for a forrum to examine such questions in the spirit of healthy and progressive debate, as Mark and Patrick bare their positions for public scrutiny. The event will be moderated by Foreign Policy In Focus Editor, Peter Certo.