Neoliberal institutionalism has been considered as one of the most productive and creative theories in international relations for the last decade. It has successfully challenged the theoretical assumptions of structural realism , and opened the debate between neorealism and neoliberalism. It has also estab- lished its own theoretical assumptions and analytical framework. Moreover, it has proposed a number of research programs, and more efforts in empirical studies have been made for these purposes. Nevertheless, in terms of theoretical utilities and future development, neoliberal institutional theory might confront the problems of empirical effectiveness and the limits of its application. First, the roles and operations of institutions are much more complicated and diversified than the assumptions of the neoliberal approach can provide. Second, neoliberal views chiefly reflect American thoughts on international relations in the post-Cold War period. Some non-Westerners thus may consider that it is for American interest only. Third, institutional effectiveness cannot be proved useful by the neoliberal approach unless it can incorporate other powers, as well as organizational and cultural factors in its emprical examination.