Rethinking Multilateralism in Foreign Aid: Beyond the Neoliberal Hegemony

Description

This edited book provides a contemporary, critical and thought-provoking analysis of the internal and external threats to Western multilateral development finance in the twenty-first century. It draws on the expertise of scholars with a range of backgrounds providing a critical exploration of the neoliberal multilateral development aid. The contributions focus on how Western institutions have historically dominated development aid, and juxtapose this hegemony with the recent challenges from right-wing populist and the Beijing Consensus ideologies and practices. This book argues that the rise of right-wing populism has brought internal challenges to traditional powers within the multilateral development system.　 External challenges arise from the influence of China and regional development banks by providing alternatives to established Western dominated aid sources and architecture. From this vantagepoint, Rethinking Multilateralism in Foreign Aid puts forward new ideas for addressing the current global social, political and economic challenges concerning multilateral development aid.　 This book will be of interest to researchers, academics and students in the field of International Development and Global Governance, decision-makers at government level as well as to those working in international aid institutions, regional and bilateral aid agencies, and non-governmental organisations. Cover Half Title Series Page Title Page Copyright Page Table of Contents List of illustrations List of contributors 1 Multilateralism and development aid: concepts and practices Introduction A very brief conceptualisation of multilateralism Bretton Woods multilateral The discourse Critiquing the Washington Consensus Conclusion References 2 Multilateralism, global development: unpacking the megatrends Introduction The Multilateral Development system Origins of the multilateral development system International development megatrends Evolving theories of development Marxist theory and development Modernisation theory and development Dependency theory of development Economic growth, liberal, and neoliberalist thinking Post-development,critical development, and decolonising discourse Conclusion References 3 Populism and a new world order Introduction A history of economic ideas Populism Institutions and institutional theory Conclusion References 4 Revisiting the Truman version of development and Eurafrica project of underdeveloping Africa Introduction The Truman version of development and underdevelopment in Africa The Eurafrica project The World Trade Organisation’s role in global coloniality Why has development eluded Africa in the post-colonialera? The decolonial epistemic perspective as the future for Africa? References 5 Seventy-fiveyears of financing and advising development: perspectives on work of the Bretton Woods institutions and Africa’s chequered development Situating the fund and the World Bank Group in historical and hegemonic perspective Some elements of Gramsci’s hegemony The Fund and the World Bank in Africa’s development project World Bank and IMF ’s free-marketversion of development and debt burden The Fund, World Bank, and poor advice The rise of the ‘South’ in development financing Conclusion References 6 The Washington Consensus and global civil society: the road traversed Introduction Global civil society in perspective A bit of history Global civil society and the early encounter with the World Bank and IMF The real encounter – the Working Group with the Bank Global debt crisis, Heavily Indebted Poor Countries (HIPC) and Poverty Reduction Strategy Papers (PRSPs) Global civil society today Conclusions References 7 Shifts in international development aid and their impact on economic growth Introduction Review of literature Preliminary data analysis Model and estimation results Model Conclusion Notes References 8 Multilateral development banks: Washington Consensus, Beijing Consensus, or banking consensus? Introduction Washington, Beijing, or banking consensus? Development banks and financing infrastructure Development Bank of Latin America Islamic Development Bank Asian Infrastructure Investment Bank Conclusion Notes References 9 Rethinking global financial architecture: the case of BRICS New Development Bank Introduction Rationale for the formation of the BRICS NDB Objectives and governance of the New Development Bank Capacity of the BRICS countries in managing the New Development Bank Role of the NDB in the global financial architecture How the NDB can effectively bring about sustainable development Conclusion References 10 The ADB and AIIB: cooperation, competition and contestation Introduction The shared architectures of ADB and AIIB The ADB The AIIB A shared development vision ADB as knowledge-producer The geo-politicsand autonomy of ADB and AIIB Connectivity and harm Conclusion Notes References 11 The World Bank’s resilience discourse: reactive environmental norm diffusion and the crisis of global climate governance Introduction The World Bank and the environment From sustainable development to resilience The World Bank’s resilience discourse Conclusion: reactive norm diffusion and the crisis of global climate governance References 12 Challenging the hegemony of the Washington Consensus:the development potential of BRICS ‘from below’ Introduction The new scholarship of BRICS Sustainable development and development finance Standing on our own two feet: the NDB and the end of ‘dollar hegemony’? Future benefits or ‘beggar-thy-neighbour’ – what has happened to BRICS since 2014? Right-wingpopulism, the defeat of Lula and the PT, and the burning of the Amazon rainforest BRICS from below? Technology, climate change, and alternatives: ‘a more expansive and balanced global capitalism’ In conclusion, a tentative optimism References 13 Multilateral foreign aid and the shadow of Cold War II Introduction The supremacy of the Bretton Woods institutions Bretton Woods Conference: A precursor to Cold War I Foreign aid as an instrument of Cold War I The Marshall Plan and the Molotov Plan Cold War I: a foreign aid perspective The World Bank: from Cold War Keynesianism to neoliberalism Challenging the Washington Consensus multilateralforeign aid The challenge from within The challenge from without Towards Cold War II Conclusion References 14 A new ‘new’ multilateralism? The changing space of multilateralism in a contemporary development context Introduction The tangled web of neoliberalism, globalisation, and multilateralism Neoliberalism and the crisis of development Old ‘new’ multilateralism Defenders of multilateralism Critiques of multilateralism New ‘new’ multilateralism Conclusion Note References 15 Competing multilateralisms: development aid under scrutiny Introduction Geo-politicsand multilateralism in a multipolar world Geo-economicfactors shaping multilateralism Institutional capacity Multilateralism within 2030 agenda for sustainable development Conditionalities Conclusion References Index