World Market Regionalism at the Asian Development Bank

Accounts of the “new regionalism” two decades ago identified a growing trend towards co-ordinated state action at the regional level in pursuit of both security and political economy concerns – new in terms of its “bottom-up” character, post-Cold War logic, heterogeneous focus, and relation to globalisation. More recently, proponents of “regulatory regionalism” have suggested that regional projects reshape and transform states themselves. This article identifies an emerging “world market regionalism,” within which regions are addressed in terms of their position within the world market, and regional projects are strategically oriented towards the “completion of the world market” in its dual aspect as expansion of trade and transformation of social relations of production. The focus is on the purposive transformation of the region in pursuit of global competitiveness. A detailed account is given of such a project of world market regionalism developed over the last two decades at the Asian Development Bank. It is aimed at transforming the region, and individual states within it, into a space contributory to a wider global project aimed at “completing the world market” and transforming both the social relations of production and individual attitudes and behaviour.