The internal and external institutionalization of the BRICS countries: The case of the New Development Bank
| DOI | http://doi.org/10.1177/01925121211024159 |
| Published date | 01 September 2022 |
| Date | 01 September 2022 |
| Subject Matter | Special Issue Articles |
https://doi.org/10.1177/01925121211024159
International Political Science Review
2022, Vol. 43(4) 481 –494
© The Author(s) 2021
Article reuse guidelines:
sagepub.com/journals-permissions
DOI: 10.1177/01925121211024159
journals.sagepub.com/home/ips
The internal and external
institutionalization of the BRICS
countries: The case of the New
Development Bank
Bas Hooijmaaijers
School of Advanced International and Area Studies, East China Normal University, China
Leuven International and European Studies Institute, KU Leuven, Belgium
Abstract
This article explores and explains the internal and external institutionalization of the BRICS (Brazil, Russia,
India, China, and South Africa) countries via a case study of the New Development Bank. It contributes to
the existing literature on the BRICS and the New Development Bank by identifying internal and external
factors of institutionalization and by presenting the most recent developments in the field. The internal
and external channels of cooperation complement the traditional one based on hosting annual joint BRICS
summits. In 2014, these five countries institutionalized their cooperation with an agreement to establish this
Bank. The recently established various New Development Bank regional offices play an essential role in its
internal and external institutionalization. The New Development Bank is still very much in development.
Nonetheless, the internal and external institutionalization approaches provide useful conceptual lenses to
understand BRICS cooperation via the New Development Bank better.
Keywords
BRICS, New Development Bank, internal institutionalization, external institutionalization, international
political economy
Introduction
New trends and challenges characterize the contemporary global environment, including rising
competition and confrontation of great powers, reshaping agendas of trans-regional integration
initiatives, and new threats to the international security order. The rapid development of South–
South cooperation and the increasing role of emerging markets and developing countries (EMDCs)
in global affairs amid the crisis of the post-Second World War Bretton Woods system pushed the
Corresponding author:
Bas Hooijmaaijers, School of Advanced International and Area Studies, East China Normal University, A406 Science
Building, No. 3663, Zhongshan Road N., Shanghai, 200062, China.
Email: bas.hooijmaaijers@kuleuven.be
1024159IPS0010.1177/01925121211024159International Political Science ReviewHooijmaaijers
research-article2021
Special Issue Article
To continue reading
Request your trial