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Challenges associated with the BRI: a review of recent economics literature

Himaz, R; (2021) Challenges associated with the BRI: a review of recent economics literature. The Service Industries Journal , 41 (7-8) pp. 512-526. 10.1080/02642069.2019.1584193. Green open access

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Abstract

Economic trade theory suggests that the Belt Road Initiative (BRI) can lead to more trade and increases in welfare. However, this can also lead to various challenges. In this paper, we use recent literature in economics to identify three such challenges. The first is that there is increasing evidence of malinvestment in previous Chinese infrastructure investments, rising corporate debt and corruption. If the BRI worsens this phenomena, the consequent financial and economic crisis in China is likely to have serious contagion effects with global ramifications. Second, trade brings about winners and losers within a country and unless there is adequate redistribution of the gains within an economy it can lead to increased inequality, poverty and structural unemployment. Finally, there are negative consequences to the environment that trade expansion may bring about unless effective legal, political and economic institutions are in place addressing the issue.

Type: Article
Title: Challenges associated with the BRI: a review of recent economics literature
Open access status: An open access version is available from UCL Discovery
DOI: 10.1080/02642069.2019.1584193
Publisher version: https://doi.org/10.1080/02642069.2019.1584193
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Social Sciences, Management, Business & Economics, Belt Road initiative, BRI, challenges, trade, Silk Road, China, CHILDREN LEFT, CHINA, TRADE, INFRASTRUCTURE, POLARIZATION, GROWTH
UCL classification: UCL
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Maths and Physical Sciences > Inst for Risk and Disaster Reduction
URI: https://discovery.ucl.ac.uk/id/eprint/10134886
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