A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives

Forthcoming: International Review of Economics. DOI:10.1007/s12232-019-00334-9

31 Pages Posted: 6 Sep 2019 Last revised: 15 Sep 2019

See all articles by Simplice Asongu

Simplice Asongu

African Governance and Development Institute

Paul Acha-Anyi

Tshwane University of Technology

Date Written: January 30, 2019

Abstract

Reconciling the two dominant development models of the Washington Consensus (WC) and Beijing Model (BM) remains a critical challenge in the literature. The challenge is even more demanding when emerging development paradigms like the Liberal Institutional Pluralism (LIP) and New Structural Economics (NSE) schools have to be integrated. While the latter has recognized both State and market failures but failed to provide a unified theory, the former has left the challenging concern of how institutional diversity matter in the development process. We synthesize perspectives from recently published papers on development and Sino-African relations in order to present the relevance of both the WC and BM in the long-term and short-run, respectively. While the paper postulates for a unified theory by reconciling the WC and the BM to complement the NSE, it at the same time presents a case for economic rights and political rights as short-run and long-run development priorities respectively. By attempting to reconcile the WC with the BM, the study contributes at the same to macroeconomic NSE literature of unifying a development theory and to the LIP literature on institutional preferences with stages of development. Hence, the proposed reconciliation takes into account the structural and institutional realities of nations at different stages of the process of development.

Keywords: Economic Thought; Development; Beijing Model; Washington Consensus; Africa

JEL Classification: B10; O11; O19; O55

Suggested Citation

Asongu, Simplice and Acha-Anyi, Paul, A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives (January 30, 2019). Forthcoming: International Review of Economics. DOI:10.1007/s12232-019-00334-9. Available at SSRN: https://ssrn.com/abstract=3445423 or http://dx.doi.org/10.2139/ssrn.3445423

Simplice Asongu (Contact Author)

African Governance and Development Institute ( email )

P.O. Box 8413
Yaoundé, 8413
Cameroon

Paul Acha-Anyi

Tshwane University of Technology ( email )

Staatsartillerie Rd
Philip Nel Park
Pretoria, 0183
South Africa

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