BRICS Said to Seek End to West’s Monopoly on Leadership of World Bank, IMF

In my inbox this morning I came across an article (see below). It outlines the staging of a meeting between Brazil, Russia, India, China and South Africa (emerging financial markets) with a view to pressurising the IMF in to opening up their leadership and heirarchy to increased representation from developing and emerging nations. On various forums discussing this, I found some 'authoritative' articles explaining how this was a bad thing, how it would result in super-power struggles and about how it is just an example of China trying to take the place of the USA as the global dominant super-power, resulting in another cold-car. Without going in to the 3 facets that make up a 'power' (Economic, Political & Military), I have outlined my views below.

The article can be found at:
BRICS Said to Seek End to West’s Monopoly on Leadership of World Bank, IMF
By Andre Soliani - Apr 13, 2011


Emerging nations have been pushing on the door of the US and Europe in financial terms for a very long time. The assessment made above about the IMF effectively 'neutering' their economic development is a valid point and only serves to enhance the global requirement for BRIC even further. The economic super-powers (USA and EU) have stagnated. The recession we are still suffering from is as a direct result of massive interdependence between too few markets; a collapse of one pillar brings down the whole house. What we need is a bigger network with other pillars to fall back on in the event of a shock in one area. Opening up markets and allowing ermerging nations to flourish can only be a good thing. With strong economies comes balance, not war. The Cold-War was a result of mistrust and direct competition. Mans' natural wariness and greed means that we only share money with people we trust. If we open up markets and allow other nations to come to the fore then we enhance that trust globally. With economic ties there is less likely to be direct 'super-power' competition in the way of the cold-war; you don't fight the people who hold your money. China already know this. Their underwriting of vast quantities of US debt over the last 5 years means that they are secure in most senses of the word. It also brought global stability. The USA was able to reinforce its economy at short notice and China will make money on the interest for the money it has loaned. There won't be a kaboom. China isn't trying to impose itself as a super-power to rival the USA. The world will keep turning and BRIC nations coming to the fore will only serve to open up previously untapped resources and markets.

The question for the UK in an expanding global market is.....what can we offer?