A survey on the Washington Consensus and the Beijing Model: reconciling development perspectives

Simplice Asongu and Paul Acha-Anyi

International Review of Economics, 2020, vol. 67, issue 2, No 1, 129 pages

Abstract: 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 time 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 (search for similar items in EconPapers)
JEL-codes: B10 O11 O19 O55 (search for similar items in EconPapers)
Date: 2020
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Working Paper: A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives (2019)
Working Paper: A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives (2019)
Working Paper: A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives (2019)
Working Paper: A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives (2019)
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DOI: 10.1007/s12232-019-00334-9

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