Legitimation Dynamics of Emerging Power-Led Global Governance Institutions

This study examines how global governance institutions (GGIs) led by emerging powers cope with legitimacy challenges under contemporary multipolarity. We contend that multiple, inconsistent, if not conflicting, beliefs and normative expectations are relevant in the legitimation dynamics of emerging power-led GGIs. To account for the diverse positionalities and perspectives of their legitimacy audiences, we offer a tripartite framework based on David Beetham’s conceptualization of legitimacy, distinguishing dimensions of legality, normative justifiability, and recognition. Empirically, we present an in-depth, qualitative case study of the Asian Infrastructure Investment Bank (AIIB). Specifically, we ask to what extent the legitimacy challenges faced by the AIIB reflect the conditions of contemporary multipolarity, and how effectively the AIIB has coped with those challenges thus far. Our data include an original dataset of global elite media coverage of the AIIB and 26 expert interviews, supplemented by official documents and communications from the AIIB, various national governments, and other International Organizations from 2014 to 2022. We find that the AIIB has so far been successful in securing its legitimacy despite challenges during its founding and initial operations. Its success can be attributed to its adept responses to the challenges and opportunities presented by the current multipolar environment. Yet, the bank’s legitimacy hinges upon its recognized authority as a truly international institution operating in the region’s common interest. Whenever these normative claims are challenged—a likely scenario under multipolarity—a downward spiral of delegitimation cannot be ruled out

Conceptualization · Corporate governance · Global governance · Investment banking · Legitimacy · Legitimation · Normative · International Development and Aid

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