Structural shift in global economic system?

  • After WW2, US established Bretton Woods Institutions (IMF & World Bank) - by doing so it underwrote, and hence set the tone for the global economic system (post Cold War known as "Washington Consensus").
  • Over the last few years, due to pressures from the right, the US refused to give developing countries a bigger say in these institutions.
  • China has therefore set up rival institutions, and recently managed to get US allies to join - represents comprehensive failure of US strategy & tactics of global economic policy.
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