The BRICS do notChallenge our

Basic Conceptionsof Development.

By Rachel, Priyanka& Helen

Jim O'NeillHead of Global Economics Research

“If BRICs countries pursue good economic

policy (…)their economies could

become the biggest in the world. (...)

It will provide for those that have INVESTED in

the BRICsdream, almost definitely,

pretty spectacular returns.” (O'Neill 2009

emphasis added)

BRICS

CONCEPTS OF DEVELOPMENT

DEVELOPMENT DISCOURE

- Poverty Reduction- Other Social Spending- Policy Conditionality- (Macro)Long-run Debt Sustainability- Mutual Accountability- Harmonization- Realization that Trade & Aid are Complementary

DAC

- Infrastructure & Trade- None Cash Financing- Zero Conditionality- Micro Sustainability- Mutual Benefits- Economic Growth- Realization that Debt Sustainability Should be High Priority

PRACTICE

NEPAL

Infrastructure & Trade

China

India

Japan

World Bank

Asian Development Bankhttp://scaef.org.np 2009

Roads

Year No. JV

Billion NPR

2010-2011

209 10.05

2011-2012

227 7.14

1 China

2 India

3 USA

4 South Korea

FDISource: Department of Industries Nepal South Asia is the lowest ranking

recipient of FDI

In 2010 Nepal was the 2nd lowest Energy

REDP GoN, UN & World Bank

x10 Hydro Projects

China

Cross Border Improvement

World Bank & India

India $532,589,892 China $17,437,607

So. African Customs Union $940,745

Russia $930,059

Brazil $766,642 United States $71,676,402

United Kingdom $21,788,888

Japan $11,690,760

ROW $254,382,731.68

India $1,301,144,920 China $665,972,867

Brazil $7,945,087 Russia $659,628

So. African Customs Union $359,025

United Kingdom $102,302,042

Japan $83,070,585 United States $24,783,838

ROW $1,081,120,853

Exports

Imports

Source: The Economic Complexity Observatory MIT

Conclusion- Discourse level development is

articulated differently- Their concepts are complimentary

rather than challenging- In practice they both support

economic growth- BRICS alternative approach is

a call for more egalitarian power structures in bodies such as

the IMF and UN

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