The China challenge and the evolution of the global development finance regime

David Skidmore ()

Chapter 2 in China, the West and the Global Development Finance Regime, 2025, pp 15-54 from Edward Elgar Publishing

Abstract: This chapter examines the evolution of the Western-led development finance regime from the 1950s through to the present day in the context of the LIO, focusing on the shift from embedded liberalism to neoliberalism, and, finally, to a post-neoliberal era. We also discuss China's relationship to the Western aid regime, both as an aid recipient and as a donor acting independent of the Western order. The latter half of the chapter highlights contrasts between China's Belt and Road Initiative (BRI) and the norms of the DAC and the broader aid/development effectiveness agenda. We find that while the BRI (and China's bilateral aid approach dating back to the early 2000s) represented a sharp challenge to the norms and institutions of the Western development finance regime, the evolution of the BRI over time suggests a shift from divergence to partial convergence.

Keywords: Embedded liberalism; Neoliberalism; Washington Consensus; Bretton Woods regime; Post-neoliberal; Global Development Initiative (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035334360
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