Korea and Emerging International Development Cooperation Regime

Abstract

The end of the Cold War, the acceleration of globalization, and the emerging power of the BRIC countries are transforming the landscape of the international development cooperation regime. The emergence of new sources of growth and aggregate demand in the world economy, combined with better domestic economic management, has led to increased fiscal and policy space for developing countries. The increasing involvement of newly emerging economies in the development cooperation regime, a system of international rules and institutions that seeks to promote and provide the structure for sustainable economic growth, reflects their changing role in the global order. The expanding number of states that occupy leading positions in global and regional governance institutions (i.e., the G20, the IMF, or the World Bank) is evidence of the growing influence and membership of rising non-Western states in the international development regime. At the same time, rule- and network-based cooperation is expanding and becoming more effective in solving collective development problems.