Originally published on Thu March 28, 2013 10:53 am
Credit Sabelo Mngoma / AP
The leaders of Brazil, Russia, India, China and South Africa – emerging economies that collectively are referred to as BRICS – announced Wednesday the creation of a development bank to fund infrastructure projects in developing nations.
"The meek shall inherit the earth" — that seems to be the latest message from the United Nations Development Program.
Their 2013 Human Development Report chronicles the recent, rapid expansion of the middle class in the developing world. It also predicts that over the next two decades growth in the so-called "Global South" will dramatically shift economic and political power away from Europe and North America.