 Law, development, and finance. Chapter 2 in Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific, 2021, pp 22-46 from Edward Elgar Publishing Abstract: The US-led Indo-Pacific strategy to promote free, fair, and reciprocal trade and the China-led OBOR to export China’s overcapacity, soft power, and RMB internationalization are competing development visions. The OBOR initiative may substantially challenge the development strategies established by the World Bank Group and other development institutions. Arguments on competing visions of development strategies start from the Washington Consensus, which was proposed in 1989 towards market-based approach and neoliberalism as the "standard" reform package for transition economies, and the Beijing Consensus, which was proposed in 2004 as an alternative development strategy - the “China Model†. The Washington Consensus highlights marketization, privatization, and deregulation of financial sector. In contrast, the Beijing Consensus is characterized by experimentalism, gradualism, and asymmetric development. The Chinese model of development is coined as state-dominated, investment-driven and export-oriented state capitalism. As many Asian countries are export-oriented rather than consumption-driven, China’s development model may not fit for them. Keywords: Asian Studies; Development Studies; Economics and Finance; Law - Academic (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:elg:eechap:20550_2 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Chapters from Edward Elgar Publishing |
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