Room for Debate: A Changing World Order?

Introduction

Finance Minister Lou Jiwei of China, right, toasts the Asian Infrastructure Investment Bank at its signing ceremony in Beijing on Oct. 24, 2014. Takaki Yajima/Agence France-Presse — Getty Images

Last week, Australia became the latest American ally to join the China-led Asian Infrastructure Investment Bank, reversing an earlier rejection of membership that was made under pressure from the United States. Britain, France, Germany, Italy, South Korea, Russia and Brazil have also rejected U.S. opposition to join the bank.

What effect will the creation of this bank have on the world economy and world politics?

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