By Martyn Davies of Frontier Advisory
After the onset of the (western) financial crisis of 2008, there has been a deep questioning of the free market ideology encapsulated by the phrase “Washington Consensus.”
At least this is the case in Africa. For a while there was debate over whether an emerging “Beijing Consensus” would gain traction and become the developmental compass for the developing world – a model that was “statist” in its approach and inherently distrusting of markets. Read more
Brics summit: so last year
The plans of the Brics countries to establish a Brics bank are gathering pace in the advance of the fifth summit next month of the five countries – Brazil, Russia, India, China, and their poor cousin South Africa.
Even though key decisions have yet to be made – such as where it would be based and what exactly it would do – some elements are emerging from the discussions, notably the bank’s possible capital – $50bn. Read more