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The establishment of a development bank by the BRICS association of Brazil, Russia, India, China, and South Africa is being described by both proponents and opponents of globalization as a rebellion against the hegemony of the U.S. dollar and a challenge to globalization by “emerging economies.” How accurate is this description? The concept of BRICS was mooted within the ranks of globalist big-player Goldman Sachs. The premises of the development bank seem close to globalist recommendations for world economic reform. Could BRICS be another avenue for global capital to penetrate the “emerging economies” behind the façade of “development assistance”? Is...

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