Games of Institutional Balancing China, The AIIB, and Future of Global Governance
He, Kai; Feng, Huiyun | May 2018
Abstract
The establishment of the Asian Infrastructure Investment Bank (AIIB) has signified a “charm offensive” by China towards multilateral institutions and existing global financial governance. If the rise of China is inevitable, what will the future world look like and what should other countries be prepared for? Borrowing insights from institutional balancing theory and role theory in foreign policy analysis, this project introduces a “leadership transition” framework to explain policy dynamics in global governance with the AIIB as a case study. It suggests that China, the US, and other countries have employed different types of institutional balancing strategies, i.e., inclusive institutional balancing, exclusive institutional balancing, and inter-institutional balancing to compete for influence and interest in the process of establishing the AIIB. A state’s role identity as a “leader,” a “challenger,” or a “follower” will shape its policy choices regarding different institutional balancing strategies in the process of leadership transition in global governance. Institutional balancing is a new form of balancing among states in the future of global governance. China’s institutional rise in global governance might be more peaceful than widely predicted.
Citation
He, Kai; Feng, Huiyun. 2018. Games of Institutional Balancing China, The AIIB, and Future of Global Governance. © S. Rajaratnam School of International Studies. http://hdl.handle.net/11540/8710.Keywords
Agricultural And Rural Development
Development In East Asia
Infrastructure Development Projects
Institutional Development
Millennium Development Goals
Policy Development
Social Development Programs
Social Development
Cultural Development
Development Economics
Development Issues
Rural planning
Aid coordination
Industrial projects
Infrastructure projects
Natural resources policy
Educational development
Development Issues
Social participation
Political participation
Community banks
Business planning
Infrastructure
Sustainable urban development
Social contract
Government
Crisis management in government
Transparency in government
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