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    The World Bank and emerging powers: beyond the multipolarity-multilateralism conundrum

    Guven, Ali Burak (2017) The World Bank and emerging powers: beyond the multipolarity-multilateralism conundrum. New Political Economy 22 (5), pp. 496-520. ISSN 1356-3467.

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    Abstract

    The discrepancy between the increasingly multipolar world economy of the recent decades and the stubbornly limited representativeness of the organisations mandated with its governance causes much strain in global politics. Some scholars suggest that this chronic mismatch will undermine existing multilateral bodies, while others expect the present architecture to persist. This article contends that the outcomes of this challenge are institution-specific. In settings where significant operational realignments are possible within existing mandates and governance structures, the multipolarity-multilateralism conundrum could be partly mitigated. The argument is based on a thematic analysis of all IBRD-IDA loan commitments between 2002 and 2015 in the World Bank’s seven all-time top borrowers: Argentina, Brazil, China, India, Indonesia, Mexico, and Turkey (collectively, the Big Seven). The key finding is that while these emerging countries remain the Bank’s biggest clients, the terms of their engagement have shifted precisely along the lines where they had already differed from the rest of the Bank’s clientele: away from politically onerous governance and institutional reforms, and towards developing physical and market infrastructure while attaining social sustainability. This implicit realignment is facilitated by the Bank’s diverse policy repertoire, which allows considerable inter-regional and intra-regional variation in lending patterns to accommodate member preferences.

    Metadata

    Item Type: Article
    Additional Information: This is an Accepted Manuscript of an article published by Taylor & Francis, available online at the link above.
    Keyword(s) / Subject(s): World Bank, emerging powers, multipolarity, multilateralism, development policy
    School: Birkbeck Schools and Departments > School of Social Sciences, History and Philosophy > Politics
    Depositing User: Ali Burak Guven
    Date Deposited: 06 Jan 2017 15:10
    Last Modified: 08 Jun 2018 00:10
    URI: http://eprints.bbk.ac.uk/id/eprint/16290

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