New Development Bank of BRICS; Contemplation on institutional rationality and functional attractiveness

Document Type : Original

Author

Department of International Relations, Faculty of Law and Political Science, University of Tehran, Tehran, Iran.

Abstract

The establishment of the "New Development Bank" launched in 2015 can undoubtedly be considered the first result of years of dialogue and critical discussions at the BRICS summits in order to act and innovate in the international political economy environment. In the form of its goals and principles, the said bank intends to provide financial resources and technical assistance for emerging economies with a new framework. In this regard, the aim of this research is to answer the question, "what is the rational basis, motivation and priorities of the new development bank to play a role in the international economic-financial system in the light of the principles and goals of BRICS?" The research method in this article is based on the descriptive, interpretive and conceptual approach in the international political economy system. As a preliminary answer, it can be said that based on the rationality of evolutionary innovation (with the power-right-duty-effect dynamic model) in the mainstream order, the new development bank will solve the problems of the developing world, urgent and crisis-prone priorities (including climate change) in the global south, and plays a special role and creates attractiveness.

Keywords

Main Subjects

حوزة موضوعی: بریکس

Scope: BRICS

References

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Journal of Countries Studies
Volume 2, Issue 2
Special issue of BRICS
2024
Pages 299-329

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History

  • Receive Date: 26 January 2024
  • Revise Date: 17 February 2024
  • Accept Date: 19 February 2024

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