Asian Infrastructure Investment Bank and America's Economic and Finance Hegemony

Document Type : Research Paper

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Abstract

Chinese President Xi Jinping launched a new international development bank seen as a rival to the U.S.-led World Bank at a lavish ceremony on Saturday, as Beijing seeks to change the unwritten rules of global development finance. Despite opposition from Washington, U.S. allies including Australia, Britain, German, Italy, the Philippines and South Korea have agreed to join the Asian Infrastructure Investment Bank (AIIB) in recognition of China's growing economic clout.  This article focus on the building of new international institutions, and specifically ask: how can China use new international institutions to advance its interests? This question is of greatest salience at the level of the international system, and the prospect of China building a network of “counter-hegemonic” institutions that successfully challenge oppose and undermine the U.S.-led global and regional institutions and the order they help sustain. The United States established its international position through the building of a wide array of international institutions global and regional, economic, political, and security. These institutions have been integral to the rise of the postwar liberal international order. As China’s rise is occurring within this established system of institutions, this article begin our inquiry by asking how China is engaging, confronting, and making choices about these institutions and this order
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World Politics
Volume 5, Issue 2
August 2016
Pages 176-147

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