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The rapid proliferation of international institutions has been a defining feature of the postwar international architecture. Since the end of the Second World War, the international system has seen the creation of thousands of international treaties and organizations that have established rules governing a multitude of issues that range from international security to human rights, and from international trade to the environment.
Over the past years, the Chinese government (along with other rising powers) has engaged in unprecedented international institution-building, leading to the establishment of, among others, the Asian Infrastructure Investment Bank (AIIB) and the BRICS-led New Development Bank (NDB). Providing services similar to existing institutions such as the World Bank, these new institutions profoundly alter the landscape of global governance. The existing literature has mostly debated whether such activism shows that China and others are embracing or confronting today's Western-led order. This discussion fails to capture a more complex reality, and the concept of international institutional bypasses (IIB) may help us gain a better understanding of China's complex institutional entrepreneurship. As will be explained, decisions by China and other countries to simultaneously support reform processes in existing institutions and also create new ones suggests that they seek alternative ways to overcome perceived dysfunctions in the dominant institutions by creating IIBs. Considering the initiatives in these terms allows for a more nuanced picture that transcends the simplistic dichotomy of integration versus rupture.
The situation calls for international cooperation, and all the parties at the Bretton Woods Conference understood this. A pool of international reserves that was readily accessible under mutually agreed upon rules by its members would be a “global public good,” providing considerable efficiency over having all countries solely hold their own stock of international reserves. Since balance of payments shocks are typically asynchronous across countries and over time, the principles of pooling and insurance would assure a net gain from the arrangement.
The idea of “West Africa” encompasses a medley of countries with diverse historical, political, and cultural features. However, their governance and development profiles are distinctly similar: the United Nations recognizes eleven of the fifteen members of the Economic Community of West African States (ECOWAS) as least developed countries. In this context, regional institutions are usually established to strengthen state capacity by providing resources to address national capacity deficits. Above all, they serve as systems of support that are supplementary to state institutions with distinct governance roles. However, regional institutions can—and should—play a second role: serving as alternatives to weak or fragile state institutions that are deficient in the supply of different public goods. By performing this second role, regional arrangements become international institutional bypasses.