Published : Sunday, 29 March, 2015, Time : 12:00 AM, View Count : 25
Thirty countries have by now announced their decision to be with the Asian Infrastructure Investment Bank (AIIB), the idea of which has been mooted by the recently emerged number one economy of the world, according to the International Monetary fund that was formed after World War II by the USA and Britain to finance business classes who have been bankrupted by the war. Similarly for reconstruction and development of infrastructure needed for all purposes and also for development in common national interest creation of a Bank was thought to be needed and accordingly the International Bank for Reconstruction and Development (IBRD) was formed which has earned a popular name World Bank (WB). After the World War II was over countries of Asia, Africa and Latin America were becoming independent and in less than a decade there were about 100 countries who had earned sovereign statehood. Another great factor, at least for that time, was the triumph of Bolsheviks in Russia and their introduction of Socialist Economy and adoption of that by some East European countries. The Bolsheviks annexed a good number of neighbouring Asian countries and named the land as Union of Soviet Socialist Republics or USSR. The USSR in about two decades had made moderate progress and during World War II was with the allied power, fought valiantly and was primarily instrumental in defeating Nazis. Now, there were alternatives before the new born countries of the world to align with the capitalist world under the leadership of the USA or to align with the USSR and its allies of the Eastern Europe. The US allies used to get some US direct helps in different forms and their approach for WB and IMF loan were entertained but with conditions. The conditions were not only economic but also political, cultural and value-related. The inherent ideas of the conditions were reinforcing capitalism, combating socialism, enlarging American sphere of influence and aligning against the socialist block. In this region India belonged to socialist friendship block and Pakistan was in the capitalist block. China is one of the ancient civilizations of the world but it gradually lost its glory and by the 20th century became a self-forgotten nation. It lost its resource, self-confidence, education and all that. It was Mao Zedong who has awakened China and in 1949 communist revolutionaries over-powered imperialism and feudalism and the people with communist ideologies started building their country. But it appears that gradually nation building and resource accumulation have become the central theme and socialism has become passive. What only has remained is the communist party dictatorship, its critics say. But whatever is said and done China has made the world dumbfound by becoming world's number one economy. Now, she will contribute 50 billion US dollar to form a bank named AIIB where 30 countries of all continents of the world, including a good number of US allies, incurring its displeasure, have agreed to join. Bnagldesh is one of the pioneering countries to announce its decision to join AIIB. What is expected of AIIB is that it will be fair in offering development loan on the merit of the case without any political condition and interference in the internal affairs of the debtor. Also, who were unjustly deprived of WB and IMF loan would get sympathetic consideration.