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The World Bank and Emerging Powers: Beyond the Multipolarity–Multilateralism Conundrum

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  • Ali Burak Güven

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.

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  • Ali Burak Güven, 2017. "The World Bank and Emerging Powers: Beyond the Multipolarity–Multilateralism Conundrum," New Political Economy, Taylor & Francis Journals, vol. 22(5), pages 496-520, September.
    • Handle: RePEc:taf:cnpexx:v:22:y:2017:i:5:p:496-520
    DOI: 10.1080/13563467.2017.1257596
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    References listed on IDEAS

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    1. World Bank, 2002. "The World Bank Annual Report 2002," World Bank Publications - Books, The World Bank Group, number 13931, December.
    2. World Bank, 2002. "The World Bank Annual Report 2002," World Bank Publications - Books, The World Bank Group, number 13932, December.
    3. World Bank, 2015. "Federative Republic of Brazil," World Bank Publications - Reports 23811, The World Bank Group.
    4. Independent Evaluation Group, 2011. "World Bank Country-Level Engagement on Governance and Anticorruotion : An Evaluation of the 2007 Strategy and Implementation Plan," World Bank Publications - Books, The World Bank Group, number 15796, December.
    5. World Bank, 2012. "Transformation through Infrastructure," World Bank Publications - Books, The World Bank Group, number 26768, December.
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    1. Pier Luigi Sacco & Alex Arenas & Manlio De Domenico, 2022. "The resilience of the multirelational structure of geopolitical treaties is critically linked to past colonial world order and offshore fiscal havens," Papers 2203.00618, arXiv.org.

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