By clicking on the "Accept & Close" button, you provide your explicit consent to the processing of your data to achieve the above goal.
Washington should reconsider its idea of global supremacy and adopt a pragmatic stance, shifting from a dictating policy to a policy of building a consensus in a multipolar economic order, claims Rebecca Liao, a writer and China analyst.
Developing countries view the BRICS bank and the China-led Asian Infrastructure Investment Bank (AIIB) as a viable alternative to the World Bank and the International Monetary Fund (IMF), noted Rebecca Liao, a Silicon Valley-based writer and China analyst, qualifying Beijing's pledge not to interfere in the domestic affairs of other countries as a "direct rebuke" to Western foreign policies.
The United States "needs to realize that the countries of the emerging world order no longer believe development efforts must spread Western political and economic values," the writer underscored.
The development project’s conditions imposed by the World Bank and the IMF have historically included the implementation of Western-style government institutions. However, IMF "remedies" sometimes only deepened the economic woes of nations suffering from financial hardships, the analyst stressed referring to Asia's economic collapse of 1997, and similar situations in Latin America, Africa and Eastern Europe. The writer stressed that the lack of decision-making power in the IMF and World Bank also disappointed developing countries, prompting them to seek another source of aid.
So far, developing nations concerned with economic growth, rather than with adopting "neoliberal orthodoxy," consider the China-led initiatives – the New Silk Road project, the AIIB and the BRICS Bank – far more attractive than the IMF's and World Bank's programs.
The writer noted that the United States sees the AIIB as China's attempt to maintain greater control over Asia. However, many of Washington's longstanding allies have already announced their willingness to join the China-led initiative aimed at fulfilling Asia's $1 trillion infrastructure needs.
"Thirty-five countries have signed up, not for short-term investment prospects but as a bet that a China-led bank may do better than its Washington-based counterparts for Asia," Rebecca Liao emphasized.
According to the writer the US should reconsider its global supremacy idea and adopt a pragmatic stance, using the IMF and World Bank purely as instruments for economic policy coordination, giving developing countries "a greater voice." On the other hand, any sort of "conditionality," especially of a political nature, is unproductive and unnecessary for global development and economic stability, the analyst insisted. Washington should get used to its new role as an "influential pragmatist" in a new multipolar economic order, Rebecca Liao concluded.
The fact of registration and authorization of users on Sputnik websites via users’ account or accounts on social networks indicates acceptance of these rules.
Users are obliged abide by national and international laws. Users are obliged to speak respectfully to the other participants in the discussion, readers and individuals referenced in the posts.
The websites’ administration has the right to delete comments made in languages other than the language of the majority of the websites’ content.
In all language versions of the sputniknews.com websites any comments posted can be edited.
A user comment will be deleted if it:
does not correspond with the subject of the post;
promotes hatred and discrimination on racial, ethnic, sexual, religious or social basis or violates the rights of minorities;
violates the rights of minors, causing them harm in any form, including moral damage;
contains ideas of extremist nature or calls for other illegal activities;
contains insults, threats to other users, individuals or specific organizations, denigrates dignity or undermines business reputations;
contains insults or messages expressing disrespect to Sputnik;
violates privacy, distributes personal data of third parties without their consent or violates privacy of correspondence;
describes or references scenes of violence, cruelty to animals;
contains information about methods of suicide, incites to commit suicide;
pursues commercial objectives, contains improper advertising, unlawful political advertisement or links to other online resources containing such information;
promotes products or services of third parties without proper authorization;
contains offensive language or profanity and its derivatives, as well as hints of the use of lexical items falling within this definition;
contains spam, advertises spamming, mass mailing services and promotes get-rich-quick schemes;
promotes the use of narcotic / psychotropic substances, provides information on their production and use;
contains links to viruses and malicious software;
is part of an organized action involving large volumes of comments with identical or similar content ("flash mob");
“floods” the discussion thread with a large number of incoherent or irrelevant messages;
violates etiquette, exhibiting any form of aggressive, humiliating or abusive behavior ("trolling");
doesn’t follow standard rules of the English language, for example, is typed fully or mostly in capital letters or isn’t broken down into sentences.
The administration has the right to block a user’s access to the page or delete a user’s account without notice if the user is in violation of these rules or if behavior indicating said violation is detected.