New Development Banks as Horizontal International Bypasses: Towards a Parallel Order?
Over the past years, the Chinese government (along with other rising powers) has engaged in unprecedented international institution-building, leading to the establishment of, among others, the Asian Infrastructure Investment Bank (AIIB) and the BRICS-led New Development Bank (NDB). Providing service...
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2017-01-01
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| Series: | AJIL Unbound |
| Online Access: | https://www.cambridge.org/core/product/identifier/S2398772317000629/type/journal_article |
| _version_ | 1811157351118405632 |
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| author | Oliver Stuenkel |
| author_facet | Oliver Stuenkel |
| author_sort | Oliver Stuenkel |
| collection | DOAJ |
| description | Over the past years, the Chinese government (along with other rising powers) has engaged in unprecedented international institution-building, leading to the establishment of, among others, the Asian Infrastructure Investment Bank (AIIB) and the BRICS-led New Development Bank (NDB). Providing services similar to existing institutions such as the World Bank, these new institutions profoundly alter the landscape of global governance. The existing literature has mostly debated whether such activism shows that China and others are embracing or confronting today's Western-led order. This discussion fails to capture a more complex reality, and the concept of international institutional bypasses (IIB) may help us gain a better understanding of China's complex institutional entrepreneurship. As will be explained, decisions by China and other countries to simultaneously support reform processes in existing institutions and also create new ones suggests that they seek alternative ways to overcome perceived dysfunctions in the dominant institutions by creating IIBs. Considering the initiatives in these terms allows for a more nuanced picture that transcends the simplistic dichotomy of integration versus rupture. |
| first_indexed | 2024-04-10T05:04:50Z |
| format | Article |
| id | doaj.art-6c22734812814fbeb4bb5f8436eaa8eb |
| institution | Directory Open Access Journal |
| issn | 2398-7723 |
| language | English |
| last_indexed | 2024-04-10T05:04:50Z |
| publishDate | 2017-01-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | AJIL Unbound |
| spelling | doaj.art-6c22734812814fbeb4bb5f8436eaa8eb2023-03-09T12:27:10ZengCambridge University PressAJIL Unbound2398-77232017-01-0111123624010.1017/aju.2017.62New Development Banks as Horizontal International Bypasses: Towards a Parallel Order?Oliver Stuenkel0Associate Professor of International Relations, Getullo Vargas Foundation (FGV).Over the past years, the Chinese government (along with other rising powers) has engaged in unprecedented international institution-building, leading to the establishment of, among others, the Asian Infrastructure Investment Bank (AIIB) and the BRICS-led New Development Bank (NDB). Providing services similar to existing institutions such as the World Bank, these new institutions profoundly alter the landscape of global governance. The existing literature has mostly debated whether such activism shows that China and others are embracing or confronting today's Western-led order. This discussion fails to capture a more complex reality, and the concept of international institutional bypasses (IIB) may help us gain a better understanding of China's complex institutional entrepreneurship. As will be explained, decisions by China and other countries to simultaneously support reform processes in existing institutions and also create new ones suggests that they seek alternative ways to overcome perceived dysfunctions in the dominant institutions by creating IIBs. Considering the initiatives in these terms allows for a more nuanced picture that transcends the simplistic dichotomy of integration versus rupture.https://www.cambridge.org/core/product/identifier/S2398772317000629/type/journal_article |
| spellingShingle | Oliver Stuenkel New Development Banks as Horizontal International Bypasses: Towards a Parallel Order? AJIL Unbound |
| title | New Development Banks as Horizontal International Bypasses: Towards a Parallel Order? |
| title_full | New Development Banks as Horizontal International Bypasses: Towards a Parallel Order? |
| title_fullStr | New Development Banks as Horizontal International Bypasses: Towards a Parallel Order? |
| title_full_unstemmed | New Development Banks as Horizontal International Bypasses: Towards a Parallel Order? |
| title_short | New Development Banks as Horizontal International Bypasses: Towards a Parallel Order? |
| title_sort | new development banks as horizontal international bypasses towards a parallel order |
| url | https://www.cambridge.org/core/product/identifier/S2398772317000629/type/journal_article |
| work_keys_str_mv | AT oliverstuenkel newdevelopmentbanksashorizontalinternationalbypassestowardsaparallelorder |