Voluntary multilateralism and institutional modification: The first two decades of Asia Pacific Economic Cooperation (APEC)

The voluntary multilateralism and consequent institutional weaknesses that have characterized Asia Pacific Economic Cooperation (APEC) since its inception in 1989 are explained by the multiple geo-political fractures that characterize the Asia Pacific, as well as bureaucratic constraints and the missed opportunities to incorporate civil society. The history of APEC is the on-going creative struggle between ambitious multilateralists and national-sovereignty realists. While APEC has fallen short of its most ambitious goals, it has achieved some notable results in the cognitive diffusion of values and information, policy innovation to promote economic integration, and institutional modification in response to trial-and-error learning and to global shocks. The normative conclusions suggest additional institutional reforms and substantive agendas consistent with a flexible, evolving voluntary multilateralism.