China and Global Governance: 'One Belt One Road,' the New Development Bank and the Concept of Market State

Abstract

On the surface, through the “One Belt, One Road” and the BRICS’ New Development Bank, China is promoting a transformative vision of international order based on equality among states, fairness in international institutions and trade and development without conditionality requirements as the engine of economic growth and peace. By deploying the concept of Market State as developed by Patterson and Afilalo in their work on the global trade order, this article aims to show that the nature of China’s contribution to global governance appears to be much less transformative and future-oriented than declared once we place it in the broader context of a world society and changes in the capacities of states.

Keywords: China, One Road One Belt, Global Governance, New Development Bank, Market State, Bretton Woods