Brics and New Multilateral Development Banks: Towards Recalibration of Global Economic Governance
Journal Title: PRZEGLĄD STRATEGICZNY - Year 2018, Vol 8, Issue 11
Abstract
This article addresses selected issues enmeshed into global economic governance debate. It focuss on a role of international institutions in transforming world order, in particular the rise of emerging powers increasingly categorised or acronymised as BRICS, their resources, power and vested interests. The main narrative brings close the phenomenon of the new reshuffling in multilateral development banking (MDB). The New Development Bank (NDB), and the Asian Infrastructure Investment Bank (AIIB) as ‘products’ of the third wave of MDB emergence, fit well into the process coined as ‘the recalibration of the world economy.’ It is expressed by shift of the centre of global economic gravity towards non-western actors and can be explained by arguments derived from game theory. They elucidate exit – voice nexus, where the cost of exit for both organisation leaders (Western donors) and members (EMDCs, BRICS) is fragmented multilateralism and where thecost of voice is decreasing capacity to influence principles and procedures of multilateral development lending. The article in the first section starts with overview of three waves of multilateral development banking, where the most recent of them is partially explained using game theory argument. Second section starts from accentuating common characteristics of NDB and AIIB and then examines the differences between NDB and AIIB – entities which emerged during the third wave. The final section provides summaries and conclusions.
Authors and Affiliations
Marek Rewizorski
Keywords
Related Articles
- EP ID EP476348
- DOI 10.14746/ps.2018.1.20
- Views 83
- Downloads 0
SIPRI Yearbook 2017
The study is dedicated to the most important trends confirmed by current knowledge in the SIPRI Yearbook 2017. SIPRI annually issues a study which shows a comprehensive picture of the activity of international actors in...
WATER DEFICIT AS A SECURITY THREAT
The aim of the article is to explain the key definitions connected with water security and to analyse state relations in the context of water issues. In this context therefore water can be seen to be a precious resource...
Recenzja książki: Anna Sakson-Boulet, Głód jako współczesny problem globalny, Wydawnictwo Adam Marszałek, Toruń, ss. 235.
Badania nad głodem i niedożywieniem nie tracą na znaczeniu ponieważ jako zjawiska globalne, niosą ze sobą duże straty i dotykają wszystkich regionów, nawet państw wysoko rozwiniętych. Stąd należy ocenić jako wysokie zapo...
GRANICA I POGRANICZE UNII EUROPEJSKIEJ I ROSJI. W POSZUKIWANIU NOWYCH SCHEMATÓW INTERPRETACYJNYCH
Kryzys w relacjach Unii Europejskiej z Rosji w roku 2014 ujawnił koniec dotychczasowego modelu organizacji relacji granicznych między projektem europejskim i projektem rosyjskim. W efekcie konieczne jest stworzenie nowyc...
A Strategic Review of the Security of European Countries
This paper combines a review of the strategic security of European countries in 2017, and the creation – on the basis of the international scenario method – of short-, medium- and longterm forecasts. The authors address...