Tuesday, February 3, 2015

Here is why the BRICS want more Say in Things

The BRICS nations believe they are under represented in terms of voting power at both the IMF and the World Bank. They think the voting shares used at these international institutions are out of date and don't reflect the current strength of their economies.  That is a debate that will probably only intensify in the future. But one thing we can all agree on is that a lot of people live in the BRICS nations (over 3 billion). Here is a map that shows that in an easy to visualize format based on current population.

(world map based on population instead of land mass)

link to zoomable version

"Monday’s meet is expected to discuss the Ukrainian crisis and the Iranian nuclear standoff as well as possible instability in Afghanistan post NATO pullout.
The three Foreign Minister’s will also discuss India’s bid to join the Russia-China-led security bloc, the Shanghai Cooperation Organization (SCO)."

"China, Russia and India stride two continents, link three oceans and have 40 per cent of the world population as well as over 22 per cent of world territorial surface."

Critics of global institutions like the IMF and the UN are concerned that there is a risk that too much power might be concentrated in them, negating the sovereignty of the individual nations. This debate will carry on in the future and will impact how the monetary system changes over time. That is what we are following here.

No comments:

Post a Comment