A former World Bank senior vice president says that a BRICS-led global order is becoming increasingly attractive to a number of countries that have grievances against the US and its allies.
In a new article on Project Syndicate, Ana Palacio says that developing nations that feel left out are looking for an alternative worldview and institutional system.
According to the former World Bank executive, these nations are currently unhappy as they believe the West-dominated international order is designed to limit their economic growth and keep them from accessing technology that can improve standard of living.
“Developing economies are angry about the burdensome conditionality that has been imposed on them by Western-dominated institutions. They are sick of what they perceive as double standards on vital policy matters, such as the green transition.
They are unwilling to tolerate efforts to ‘constrain’ their economies through conservation demands or limits on technology sharing.”
Palacio also says that the West’s “unwillingness” to change its approach in global governance is driving disgruntled countries to seek a new type of leadership – one that will consider their national interests.
“With the West’s pledges to pursue reform having come to nothing, potential alternatives – from development banks to currencies – look increasingly attractive to those who feel left out. The BRICS are attempting to build a new world order, ‘bric by bric,’ and the appeal of their cause among other disgruntled countries is growing.”
Palacio highlights that at least 19 countries have conveyed their interest in teaming up with BRICS, including Argentina, Turkey and Saudi Arabia.
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