NEO-MERCANTILISM AND GLOBALISATION: A CASE STUDY OF CHINA'S BELT AND ROAD INITIATIVE
Keywords:Belt and Road Initiative, BRI-led Globalisation, Neo-mercantilism, South Asia, CPEC
The quirks and flaws in the current global system are causing economic inequalities, uneven development, moulding of cultures and power imbalance. China is pursuing global rebalancing by initiating two grand projects, i.e., BRI and Asian Infrastructure Investment Bank. One is related to infrastructure, and the other is to counter Western dominated lending institutions. BRI serves as a comprehensive template for a new version of globalisation based on a new set of cultural, political and economic ideas-BRI-led globalisation is termed the Eastern version of modern globalisation, which is qualitatively and quantitatively dissimilar from the current US-led global order. This paper explains the concept of Neo-mercantilism and relates it to China's economic and political influence. It also elaborates on the role of BRI in the new form of globalisation and how South Asia is engaged in this global project. It elaborates on how CPEC has become the flagship project of BRI to internationalise the Eastern concept and advance Chinese national interests. It links China to other countries in three continents, i.e. Asia, Africa and Europe, with China as a centre.
Shafi, Dr. Khalid Mahmood, Mr. Muhammad Tariq Niaz and Mr. Rizwan Ali (2023) “Neo-Mercantilism and Globalisation: A Case Study of China's Belt and Road Initiative” NDU Journal. 37: 73-84.
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