BRIC vs. the World Bank: Clash of the titans?

BRIC (Brazil, Russia, India, and China) have long talked of creating a development  bank to compete with the World Bank and International Monetary Fund, which are dominated by the U.S. and other major Western powers. But this week, at a summit of BRIC nations held in Brazil, these talks are happening in earnest. BRIC, with the addition of South Africa,  have all agreed to contribute billions of dollars to get the bank, which will be based in Shanghai, off the ground. What does this mean for the global economy and financial markets? Will it even work? See the reporting in the Wall Street Journal and  Business Week for more details.

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