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Multilateral Development Finance in Non‐Western Thought: From Before Bretton Woods to Beyond

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  • Eric Helleiner

Abstract

Recent initiatives of China and other emerging powers to create new multilateral development lending institutions (MDLIs) are often portrayed as efforts to build upon and/or reform an idea pioneered by Western officials during the Bretton Woods negotiations. However, recent literature has shown that support for MDLIs also had deeper non‐Western roots in the pre‐Bretton Woods era. What led thinkers outside the West to propose MDLIs in that earlier period? How might their ideas be relevant to current non‐Western initiatives to create new MDLIs? This article addresses these questions with a special focus on the ideas of China's Sun Yat‐sen (1866–1925) and Peru's Víctor Raúl Haya de la Torre (1895–1979). Although their intellectual journeys were quite distinct and their specific proposals differed, these two thinkers advocated the creation of MDLIs for similar reasons that stemmed from their anti‐imperialist sentiments. Their ideas find some echoes in current non‐Western initiatives.

Suggested Citation

  • Eric Helleiner, 2019. "Multilateral Development Finance in Non‐Western Thought: From Before Bretton Woods to Beyond," Development and Change, International Institute of Social Studies, vol. 50(1), pages 144-163, January.
    • Handle: RePEc:bla:devchg:v:50:y:2019:i:1:p:144-163
    DOI: 10.1111/dech.12465
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    References listed on IDEAS

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    1. Patrick Bond, 2016. "BRICS banking and the debate over sub-imperialism," Third World Quarterly, Taylor & Francis Journals, vol. 37(4), pages 611-629, April.
    2. Cheng-chung Lai & Paul B. Trescott, 2005. "Liang Qichao, Sun Yat-sen, and the 1905-1907 debate on socialism," International Journal of Social Economics, Emerald Group Publishing, vol. 32(12), pages 1051-1062, December.
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