Banks played a significant role in financing industrial development of a country.

As
industrialization takes place worldwide, organizations and banks help make the flow of
goods and capital across international boundaries possible. United States of America as
one of the world's biggest economy had the dominance in global financial systems and
organizations such as World Bank and International Monetary Fund. While, the BRICKS
Countries ( Brazil, Russia, India, China and Sri Lanka) had seek for the alternatives to the
current world order by founding New Development Bank. These five countries invested
equally. Despite from the differences in economic systems, foreign policy aims and
political systems between this five countries, they've been shared a common desire for
bigger voice in global economic systems.

This newspaper article has to do regarding to the subject Principles in Economics. It

clearly talks about economics as the wise production and use of wealth (money) to meet
the demand (needs) of individual or groups of people. It oversees the alternative global
financial system which is dominated by China rather than Western countries as they said,
"Each has had painful experiences with Western Financial dominance." The global
interest is what BRICKS countries was concerned of considering different aspects that
New Development Bank can help across the developing world. In this generation of
capitalism mentality, it is important for every country to have a competent economy to
survive especially in monetary terms that Western powers imposed for economic
sanctions to every transaction made by developing and under develop countries.

This article scope Macroeconomics which looks at the economy as a whole. And by
studying this article, I understand more about the different societies, I became informed
citizen that there is another international bank made for the interest of more people and
most especially I understand more about global affairs with different economies and
political standing affects dominancy powers to control and manage worldwide financial
institutions and organizations.

Name: Ramirez, Yrish O.

Date of Class Subject: Monday 7:00- 10:00 am