Beyond US Hegemony in International Development

Beyond US Hegemony in International Development The Contest for Influence at the World Bank

Paperback (19 Dec 2019) | English

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Synopsis

China's initiative to establish the Asian Infrastructure Investment Bank (AIIB), attracting membership from G7 countries against the vocal opposition of the United States, has been recognised as a significant moment in an ongoing hegemonic transition. This book examines how power transitions have played out in the World Bank over the last five decades, offering the first authentic account of the international diplomacy behind donor financing of the World Bank's International Development Association (IDA). Jiajun Xu decodes how the United States amplified its influence at the World Bank despite its flagging financial contributions to IDA. She further demonstrates that the widening influence-to-contribution disparity provoked other donors into taking 'exit/voice' measures, contesting the hegemon's legitimacy. A rising China initially decided to become an IDA donor, seeking influence from within. However, the entrenched hegemonic position of the United States in World Bank governance drove China to initiate the AIIB and New Development Bank, putting competitive pressures on the US-centred multilateral institutions to adapt.

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Cambridge University Press

Cambridge University Press

Cambridge University Press dates from 1534 and is part of the University of Cambridge. We further the University's mission by disseminating knowledge in the pursuit of education, learning and research at the highest international levels of excellence.

Book information

ISBN: 9781316624968
Publisher: Cambridge University Press
Imprint: Cambridge University Press
Pub date:
DEWEY: 332.1532
DEWEY edition: 23
Language: English
Number of pages: 320
Weight: 486g
Height: 228mm
Width: 152mm
Spine width: 18mm