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A comparative study of the Belt and Road Initiative and the Marshall plan

Author

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  • Simon Shen

    (The Chinese University of Hong Kong)

  • Wilson Chan

    (The Chinese University of Hong Kong)

Abstract

Since the introduction of the Belt and Road Initiative (BRI) in 2013, both the mainstream media and professional analysts began to name the Initiative “China’s Marshall Plan”. While the rhetoric may simply be an eye-catching term constructed in journalist and consultancy circles, this paper examines the background and purposes behind these two grand projects in order to shed light on the similarities and the differences of their effects on the world order. By comparing the projects under five different aspects—boosting exports, exporting currency, countering a rival, fostering strategic divisions, and siphoning away diplomatic support—this paper argues that while the two projects may have similarities and aim to respond to the malfunctioning world order through macro political-economic investments and developmental aid, their outcomes (given the relative differences of the global position of rivalries—USSR in Marshall Plan; US in BRI) and the changing economic structures, could be very different. As a result, this paper concludes that it may be too early to suggest that the BRI could bring similar outcomes as the Marshall Plan, especially in competing for the global leadership in the 21st century.

Suggested Citation

  • Simon Shen & Wilson Chan, 2018. "A comparative study of the Belt and Road Initiative and the Marshall plan," Palgrave Communications, Palgrave Macmillan, vol. 4(1), pages 1-11, December.
    • Handle: RePEc:pal:palcom:v:4:y:2018:i:1:d:10.1057_s41599-018-0077-9
    DOI: 10.1057/s41599-018-0077-9
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    References listed on IDEAS

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    1. Atkinson, Anthony B., 2000. "Increased Income Inequality in OECD Countries and the Redistributive Impact of the Government Budget," WIDER Working Papers 295534, United Nations University, World Institute for Development Economic Research (UNU-WIDER).
    2. Atif Ansar & Bent Flyvbjerg & Alexander Budzier & Daniel Lunn, 2016. "Does infrastructure investment lead to economic growth or economic fragility? Evidence from China," Oxford Review of Economic Policy, Oxford University Press and Oxford Review of Economic Policy Limited, vol. 32(3), pages 360-390.
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    Cited by:

    1. Panthamit, Nisit & Chaiboonsri, Chukiat, 2020. "China’s Outward Foreign Direct Investment in the Greater Mekong Subregion," Journal of Economic Integration, Center for Economic Integration, Sejong University, vol. 35(1), pages 129-151.
    2. Liguo Zhang & Cuiting Jiang & Xiang Cai & Jun Wu, 2023. "Dynamic linkages between China’s OFDI, transport, and green economic growth: Empirical evidence from the B&R countries," Energy & Environment, , vol. 34(7), pages 2642-2667, November.
    3. Krishna Chaitanya Vadlamannati & Yuanxin Li & Samuel Brazys & Alexander Dukalskis, 2019. "Building Bridges or Breaking Bonds? The Belt and Road Initiative and Foreign Aid Competition," Working Papers 201906, Geary Institute, University College Dublin.
    4. Galán Enrique Martínez & Leandro Francisco José, 2019. "The Belt and Road Initiative: The Cornerstone of the New-Fangled Financial Institutionalism Led by China," TalTech Journal of European Studies, Sciendo, vol. 9(2), pages 153-182, September.
    5. Ho-fung Hung, 2018. "The tapestry of Chinese capital in the Global South," Palgrave Communications, Palgrave Macmillan, vol. 4(1), pages 1-6, December.
    6. Dongmei Li & Ung T’chiang Chow, 2023. "Discursive strategies in the branding of Fortune Global 500 Chinese manufacturing companies," Palgrave Communications, Palgrave Macmillan, vol. 10(1), pages 1-12, December.
    7. Jiatao Li & Ari Van Assche & Lee Li & Gongming Qian, 2022. "Foreign direct investment along the Belt and Road: A political economy perspective," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(5), pages 902-919, July.
    8. Bruno Jetin, 2021. "ASEAN and the European Union face the challenge of the New Silk Roads: division or coherence? [L'ASEAN et l'Union Européenne face au défi des nouvelles routes de la soie: division ou cohérence ?]," Post-Print halshs-03321124, HAL.
    9. Meihui Zhang & Chi Zhang & Fenghua Li & Ziyu Liu, 2022. "Green Finance as an Institutional Mechanism to Direct the Belt and Road Initiative towards Sustainability: The Case of China," Sustainability, MDPI, vol. 14(10), pages 1-31, May.
    10. Qinchang Gui & Chengliang Liu & DeBin Du, 2019. "The Structure and Dynamic of Scientific Collaboration Network among Countries along the Belt and Road," Sustainability, MDPI, vol. 11(19), pages 1-17, September.
    11. Jiatao Li & Ari Van Assche & Xiaolan Fu & Lee Li & Gongming Qian, 2022. "The Belt and Road Initiative and international business policy: A kaleidoscopic perspective," Journal of International Business Policy, Palgrave Macmillan, vol. 5(2), pages 135-151, June.
    12. Wei Yang & Feihuang Xue & Jinfeng Shi & Yanmin Shao & Di Wang, 2021. "Factors Affecting the Trade Dependence Relationship of Asian Countries with China: Implications for China’s Belt and Road Initiative," Sustainability, MDPI, vol. 13(19), pages 1-23, September.
    13. Gregory T. Chin & Kevin P. Gallagher, 2019. "Coordinated Credit Spaces: The Globalization of Chinese Development Finance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 245-274, January.
    14. Schulhof, Vera & van Vuuren, Detlef & Kirchherr, Julian, 2022. "The Belt and Road Initiative (BRI): What Will it Look Like in the Future?," Technological Forecasting and Social Change, Elsevier, vol. 175(C).

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