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A Development Consensus reconciling the Beijing Model and Washington Consensus: Views and Agenda

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  • Asongu Simplice

    () (Yaoundé/Cameroun)

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 over 150 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 provides 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 reconciling 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 difference stages of the process of development.

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  • Asongu Simplice, 2014. "A Development Consensus reconciling the Beijing Model and Washington Consensus: Views and Agenda," Working Papers of the African Governance and Development Institute. 14/013, African Governance and Development Institute..
  • Handle: RePEc:agd:wpaper:14/013
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    Cited by:

    1. Simplice Asongu, 2015. "Rational Asymmetric Development, Piketty and the Spirit of Poverty in Africa," Working Papers of the African Governance and Development Institute. 15/006, African Governance and Development Institute..
    2. Simplice A. Asongu & Oasis Kodila-Tedika, 2018. "Institutions and Poverty: A Critical Comment Based on Evolving Currents and Debates," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 139(1), pages 99-117, August.
    3. Simplice A. Asongu & Jacinta C. Nwachukwu, 2016. "Rational Asymmetric Development, Piketty and Poverty in Africa," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 13(2), pages 221-246, December.
    4. Asongu, Simplice, 2014. "Reinventing foreign aid for inclusive and sustainable development: a survey," MPRA Paper 65300, University Library of Munich, Germany.
    5. NGUENA Christian-Lambert, 2014. "External Debt Origin, Capital Flight and Poverty Reduction in the Franc Zone: Does the Economic Consequences of Sino-African Relationship matter?," Working Papers of the African Governance and Development Institute. 14/016, African Governance and Development Institute..

    More about this item

    Keywords

    Economic thought; Development; Beijing model; Washington Consensus; Africa;

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O19 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - International Linkages to Development; Role of International Organizations
    • O55 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Africa

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