The BRICS’ defection is part of a process that has been taking place over the past 15 years, in which middle-income countries have accumulated sufficient reserves to vote with their feet and break out of the IMF’s orbit. Although most economists and most of the major media have ignored it, the IMF’s loss of influence over economic policy in most middle-income countries is one of the most important developments in the international financial system in the past half-century. It has almost certainly contributed to the rebound of economic growth in most developing countries over the past decade. It is also, not coincidentally, a huge loss of influence for the U.S. … Continue reading Mark Weisbrot