Larry Summer's Comments On Asian Infrastructure Investment Bank
China has been successful in establishing the AIIB and many US allies, including Britain, have joined the bank. The AIIB will provide many of the services that have been performed by the World Bank. According to Summers this is a seminal event which undermines US leadership in setting the global economic architecture. He describes the impact of this development, and he provides his analysis of the political dysfunctions in the US that contributed to the loss of US leadership.