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

Noroozi, Hossein

doi:10.22059/jcountst.2024.371704.1110

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

Document Type : Original

Author

Hossein Noroozi

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

10.22059/jcountst.2024.371704.1110

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

BRICS

diplomacy

global development governance

IPE Institutions

NDB

Subjects

International Relations

حوزة موضوعی: بریکس

Scope: BRICS

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