BRICS challenge to World Bank

End of Western hegemony: BRICS+ challenge World Bank

Since its formation the World Bank has promoted and consolidated Western hegemony, imposed draconian neo-liberal economic policies and perpetuated global inequalities

The World Bank has been the target of extensive criticism over the years by developing nations, centering on its operational practices and the broader implications of its policies. These criticisms include allegations of promoting Western hegemony and perpetuating global inequalities, as well as concerns about inadequate oversight and representation in its governance structure.

Critics also argue that the Bank’s support for neoliberal policies and its stringent conditions on loans and aid—often seen as benefiting Western interests at the expense of the countries they are meant to serve—further compound these issues. Amidst this backdrop, the BRICS+ nations along with other countries from the Global South are spearheading efforts to develop alternatives to such traditional global financial institutions – such as the Asian Infrastructure Investment Bank and the New Development Bank.

The goal of these new Global South institutions is to establish systems that are more reflective of and responsive to the needs of a diverse range of nations, rather than primarily serving Western priorities.

This video (10:21 min) from FastEpo delves into the key criticisms of the World Bank and explores the initiatives by the BRICS+ bloc to set up a new framework to replace it.

Source: FastEpo, May 3, 2024.