IDEAS home Printed from https://ideas.repec.org/p/agd/wpaper/19-050.html
   My bibliography  Save this paper

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

Author

Listed:
  • Simplice A. Asongu

    () (Yaoundé/Cameroon)

  • Paul N. Acha-Anyi

    () (Walter Sisulu University, South Africa)

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.

Suggested Citation

  • Simplice A. Asongu & Paul N. Acha-Anyi, 2019. "A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives," Working Papers of the African Governance and Development Institute. 19/050, African Governance and Development Institute..
  • Handle: RePEc:agd:wpaper:19/050
    as

    Download full text from publisher

    File URL: http://www.afridev.org/RePEc/agd/agd-wpaper/A-Survey-on-the-Washington-Consensus-and-the-Beijing-Model.pdf
    File Function: Revised version, 2019
    Download Restriction: no

    Other versions of this item:

    References listed on IDEAS

    as
    1. Nathan Nunn, 2009. "The Importance of History for Economic Development," Annual Review of Economics, Annual Reviews, vol. 1(1), pages 65-92, May.
    2. Oyejide Titiloye Ademola & Abiodun S Bankole & Adeolu O Adewuyi, 2009. "China–Africa Trade Relations: Insights from AERC Scoping Studies," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 485-505, September.
    3. Dorothy McCormick, 2008. "China & India as Africa's New Donors: The Impact of Aid on Development," Review of African Political Economy, Taylor & Francis Journals, vol. 35(115), pages 73-92, March.
    4. Nathan Nunn, 2008. "The Long-term Effects of Africa's Slave Trades," The Quarterly Journal of Economics, Oxford University Press, vol. 123(1), pages 139-176.
    5. Nathan Nunn & Diego Puga, 2012. "Ruggedness: The Blessing of Bad Geography in Africa," The Review of Economics and Statistics, MIT Press, vol. 94(1), pages 20-36, February.
    6. Rian Drogendijk & Katarina Blomkvist, 2013. "Drivers and Motives for Chinese Outward Foreign Direct Investments in Africa," Journal of African Business, Taylor & Francis Journals, vol. 14(2), pages 75-84, August.
    7. Mesquita Moreira, Mauricio, 2007. "Fear of China: Is There a Future for Manufacturing in Latin America?," World Development, Elsevier, vol. 35(3), pages 355-376, March.
    8. Simplice A. Asongu & Jacinta C. Nwachukwu, 2017. "Fighting Capital Flight in Africa: Evidence from Bundling and Unbundling Governance," Journal of Industry, Competition and Trade, Springer, vol. 17(3), pages 305-323, September.
    9. Andrea Goldstein & Nicolas Pinaud & Helmut Reisen, 2006. "The Rise of China and India: What's in it for Africa?," OECD Development Centre Policy Insights 19, OECD Publishing.
    10. Simplice A. Asongu, 2017. "Knowledge Economy Gaps, Policy Syndromes, and Catch-Up Strategies: Fresh South Korean Lessons to Africa," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(1), pages 211-253, March.
    11. Simplice Asongu, 2015. "On Taxation, Political Accountability and Foreign Aid: Empirics to a Celebrated Literature," South African Journal of Economics, Economic Society of South Africa, vol. 83(2), pages 180-198, June.
    12. repec:eee:tefoso:v:139:y:2019:i:c:p:169-184 is not listed on IDEAS
    13. Zhong Wu & Enjiang Cheng, 2010. "Poverty Alleviation in the People’s Republic of China: The Implications for Sino–African Cooperation in Poverty Reduction," African Development Review, African Development Bank, vol. 22(S1), pages 629-643.
    14. repec:eee:poleco:v:55:y:2018:i:c:p:224-243 is not listed on IDEAS
    15. Leonce Ndikumana & James Boyce, 2011. "Capital flight from sub-Saharan Africa: linkages with external borrowing and policy options," International Review of Applied Economics, Taylor & Francis Journals, vol. 25(2), pages 149-170.
    16. Elsa V. Artadi & Xavier Sala-i-Martin, 2003. "The Economic Tragedy of the XXth Century: Growth in Africa," NBER Working Papers 9865, National Bureau of Economic Research, Inc.
    17. Simplice A. Asongu, 2017. "The Comparative Economics of Knowledge Economy in Africa: Policy Benchmarks, Syndromes, and Implications," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(2), pages 596-637, June.
    18. Richard Schiere & Peter Walkenhorst, 2010. "Introduction: China’s Increasing Engagement in Africa: Towards Stronger Trade, Investment and Development Cooperation," African Development Review, African Development Bank, vol. 22(S1), pages 559-561.
    19. Fosu, Augustin Kwasi, 2012. "Development Success: Historical Accounts from More Advanced Countries," WIDER Working Paper Series 071, World Institute for Development Economic Research (UNU-WIDER).
    20. Oasis Kodila-Tedika & Simplice A. Asongu & Julio Mukendi Kayembe, 2016. "Middle Class in Africa: Determinants and Consequences," International Economic Journal, Taylor & Francis Journals, vol. 30(4), pages 527-549, October.
    21. Simplice A. Asongu, 2014. "Fighting African Capital Flight: Empirics on Benchmarking Policy Harmonization," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 11(1), pages 93-122, June.
    22. Oasis Kodila-Tedika & Julius Agbor Agbor, 2014. "Religious Diversity and Economic Development in Sub-Saharan Africa: So Far So Good," Journal of African Development, African Finance and Economic Association (AFEA), vol. 16(1), pages 99-117.
    23. Tchamyou, Vanessa S. & Erreygers, Guido & Cassimon, Danny, 2019. "Inequality, ICT and financial access in Africa," Technological Forecasting and Social Change, Elsevier, vol. 139(C), pages 169-184.
    24. Kaplinsky, Raphael & Messner, Dirk, 2008. "Introduction: The Impact of Asian Drivers on the Developing World," World Development, Elsevier, vol. 36(2), pages 197-209, February.
    25. Vanessa Simen Tchamyou, 2017. "The Role of Knowledge Economy in African Business," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 8(4), pages 1189-1228, December.
    26. Simplice A. Asongu & Gilbert A.A. Aminkeng, 2013. "The economic consequences of China--Africa relations: debunking myths in the debate," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 11(4), pages 261-277, November.
    27. Daron Acemoglu & Suresh Naidu & Pascual Restrepo & James A. Robinson, 2019. "Democracy Does Cause Growth," Journal of Political Economy, University of Chicago Press, vol. 127(1), pages 47-100.
    28. Baocheng Ji, 2010. "China's economic recovery and the China model," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 8(3), pages 215-226.
    29. Simplice A. Asongu & Jacinta C. Nwachukwu & Gilbert A. A. Aminkeng, 2018. "Lessons from a Survey of China’s Economic Diplomacy," Research Africa Network Working Papers 18/009, Research Africa Network (RAN).
    30. Vanessa S. Tchamyou, 2019. "The Role of Information Sharing in Modulating the Effect of Financial Access on Inequality," Journal of African Business, Taylor & Francis Journals, vol. 20(3), pages 317-338, July.
    31. repec:hrv:faseco:33077824 is not listed on IDEAS
    32. Carmody, Pádraig, 2009. "An Asian-Driven Economic Recovery in Africa? The Zambian Case," World Development, Elsevier, vol. 37(7), pages 1197-1207, July.
    33. Olusanya Ajakaiye & Raphael Kaplinsky, 2009. "China in Africa: A Relationship in Transition," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 479-484, September.
    34. repec:afe:journl:v:19:y:2017:i:2:p:93-110 is not listed on IDEAS
    35. Dilip Das, 2008. "Repositioning the Chinese economy on the global economic stage," International Review of Economics, Springer;Happiness Economics and Interpersonal Relations (HEIRS), vol. 55(4), pages 401-417, December.
    36. Shaun Breslin & Ian Taylor, 2008. "Explaining the Rise of ‘Human Rights’ in Analyses of Sino-African Relations," Review of African Political Economy, Taylor & Francis Journals, vol. 35(115), pages 59-71, March.
    37. Sanjaya Lall & John Weiss & Hiroshi Oikawa, 2005. "China's Competitive Threat to Latin America: An Analysis for 1990-2002," Oxford Development Studies, Taylor & Francis Journals, vol. 33(2), pages 163-194.
    38. Huang, Yiping, 2016. "Understanding China's Belt & Road Initiative: Motivation, framework and assessment," China Economic Review, Elsevier, vol. 40(C), pages 314-321.
    39. Nelson Villoria, 2009. "China's Growth and the Agricultural Exports of Sub-Saharan Southern Africa," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 531-550, September.
    40. Diadié Diaw & Albert Lessoua, 2013. "Natural Resources Exports, Diversification and Economic Growth of CEMAC Countries: On the Impact of Trade with China," African Development Review, African Development Bank, vol. 25(2), pages 189-202.
    41. Dirk Willem te Velde & Justin Lin & Célestin Monga & Suresh D. Tendulkar & Alice Amsden & K. Y. Amoako & Howard Pack & Wonhyuk Lim, 2011. "DPR Debate: Growth Identification and Facilitation: The Role of the State in the Dynamics of Structural Change," Development Policy Review, Overseas Development Institute, vol. 29(3), pages 259-310, May.
    42. 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.
    43. Jing Gu, 2009. "China's Private Enterprises in Africa and the Implications for African Development," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 570-587, September.
    44. Marco Sanfilippo, 2010. "Chinese FDI to Africa: What Is the Nexus with Foreign Economic Cooperation?," African Development Review, African Development Bank, vol. 22(S1), pages 599-614.
    45. Simplice Asongu & John Ssozi, 2016. "Sino-African Relations: Some Solutions and Strategies to the Policy Syndromes," Journal of African Business, Taylor & Francis Journals, vol. 17(1), pages 33-51, January.
    46. Basile Ndjio, 2009. "‘Shanghai Beauties’ and African Desires: Migration, Trade and Chinese Prostitution in Cameroon," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 606-621, September.
    47. Fosu, Augustin K. (ed.), 2013. "Achieving Development Success: Strategies and Lessons from the Developing World," OUP Catalogue, Oxford University Press, number 9780199671557.
    48. Mkandawire, Thandika, 2013. "Neopatrimonialism and the political economy of Economic Permormance in Africa: Critical Reflections," Arbetsrapport 2013:1, Institute for Futures Studies.
    49. Justin Yifu Lin, 2015. "The Washington Consensus revisited: a new structural economics perspective," Journal of Economic Policy Reform, Taylor & Francis Journals, vol. 18(2), pages 96-113, June.
    50. Mohamed Chemingui & Mohamed Bchir, 2010. "The Future of African Trade with China under Alternative Trade Liberalization Schemes," African Development Review, African Development Bank, vol. 22(S1), pages 562-576.
    51. Voxi Heinrich AMAVILAH, 2016. "Social Obstacles to Technology, Technological Change, and the Economic Growth of African Countries: Some Anecdotal Evidence from Economic History," Turkish Economic Review, KSP Journals, vol. 3(2), pages 320-340, June.
    52. Juan Zhang & William X. Wei & Zuanshi Liu, 2013. "Strategic Entry and Determinants of Chinese Private Enterprises Into Africa," Journal of African Business, Taylor & Francis Journals, vol. 14(2), pages 96-105, August.
    53. Paul De Grauwe & Romain Houssa & Giulia Piccillo, 2012. "African trade dynamics: is China a different trading partner?," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 10(1), pages 15-45, August.
    54. Yiping Zhu, 2010. "Trade, capital flows and external balance: is China unique in two hundred years of globalisation?," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 8(1), pages 1-22.
    55. Jenkins, Rhys & Edwards, Chris, 2006. "The economic impacts of China and India on sub-Saharan Africa: Trends and prospects," Journal of Asian Economics, Elsevier, vol. 17(2), pages 207-225, April.
    56. Simplice Asongu, 2014. "Globalization (fighting), corruption and development: How are these phenomena linearly and nonlinearly related in wealth effects?," Journal of Economic Studies, Emerald Group Publishing, vol. 41(3), pages 346-369, May.
    57. Liming Wang & Jianghai Zheng, 2012. "China's rise as a new paradigm in the world economy: preliminaries," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 10(4), pages 301-312, August.
    58. Paul Brenton & Peter Walkenhorst, 2010. "Impacts of the Rise of China on Developing Country Trade: Evidence from North Africa," African Development Review, African Development Bank, vol. 22(S1), pages 577-586.
    59. Villoria, Nelson & Hertel, Thomas & Nin-Pratt, Alejandro, 2009. "China's growth and the agricultural exports of Southern Africa:," IFPRI discussion papers 891, International Food Policy Research Institute (IFPRI).
    60. repec:ces:ifofor:v:11:y:2010:i:01:p:62-71 is not listed on IDEAS
    61. William X. Wei, 2013. "Special Issue : Chinese Trade and Investment in Africa," Journal of African Business, Taylor & Francis Journals, vol. 14(2), pages 72-74, August.
    62. Jeffrey Henderson & Richard P. Appelbaum & Suet Ying Ho & Giles Mohan, 2013. "Beyond the Enclave: Towards a Critical Political Economy of China and Africa," Development and Change, International Institute of Social Studies, vol. 44(6), pages 1255-1272, November.
    63. Bamidele Adekunle & Ciliaka M. W. Gitau, 2013. "Illusion or Reality: Understanding the Trade Flow Between China and Sub-Saharan Africa," Journal of African Business, Taylor & Francis Journals, vol. 14(2), pages 117-126, August.
    64. Daniel Large, 2008. "China & the Contradictions of ‘Non-interference’ in Sudan," Review of African Political Economy, Taylor & Francis Journals, vol. 35(115), pages 93-106, March.
    65. Jonathan Munemo, 2013. "Examining Imports of Capital Goods From China as a Channel for Technology Transfer and Growth in Sub-Saharan Africa," Journal of African Business, Taylor & Francis Journals, vol. 14(2), pages 106-116, August.
    66. Giles Mohan & Marcus Power, 2008. "New African Choices? The Politics of Chinese Engagement," Review of African Political Economy, Taylor & Francis Journals, vol. 35(115), pages 23-42, March.
    67. Lin, Justin Yifu & Monga, Celestin, 2011. "Growth identification and facilitation : the role of the state in the dynamics of structural change," Policy Research Working Paper Series 5313, The World Bank.
    68. Giorgia Giovannetti & Marco Sanfilippo, 2009. "Do Chinese Exports Crowd-out African Goods? An Econometric Analysis by Country and Sector," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 506-530, September.
    69. repec:unu:wpaper:wp2012-71 is not listed on IDEAS
    70. Fosu, Augustin K. (ed.), 2012. "Development Success: Historical Accounts from More Advanced Countries," OUP Catalogue, Oxford University Press, number 9780199660704.
    71. Raphael Power, 2008. "What Does the Rise of China Do for Industrialisation in Sub-Saharan Africa?," Review of African Political Economy, Taylor & Francis Journals, vol. 35(115), pages 7-22, March.
    72. Augustin Kwasi Fosu, 2010. "Africa's Economic Future: Learning from the Past," CESifo Forum, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 11(1), pages 62-71, April.
    73. Xiaohua Lin & Carlyle Farrell, 2013. "The Internationalization Strategies of Chinese State and Private Sector Enterprises in Africa," Journal of African Business, Taylor & Francis Journals, vol. 14(2), pages 85-95, August.
    74. Steve Kayizzi-Mugerwa, 2001. "Globalisation, Growth and Income Inequality: The African Experience," OECD Development Centre Working Papers 186, OECD Publishing.
    75. Stephan Ortmann, 2012. "The ‘Beijing consensus’ and the ‘Singapore model’: unmasking the myth of an alternative authoritarian state-capitalist model," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 10(4), pages 337-359, August.
    76. Raphael Kaplinsky & Mike Morris, 2009. "Chinese FDI in Sub-Saharan Africa: Engaging with Large Dragons," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 551-569, September.
    77. Mario Biggeri & Marco Sanfilippo, 2009. "Understanding China's move into Africa: an empirical analysis," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 7(1), pages 31-54.
    78. Fosu, Augustin Kwasi, 2013. "Achieving Development Success: Strategies and Lessons from the Developing World," WIDER Working Paper Series 027, World Institute for Development Economic Research (UNU-WIDER).
    79. Morten Jerven, 2011. "The quest for the African dummy: explaining African post‐colonial economic performance revisited," Journal of International Development, John Wiley & Sons, Ltd., vol. 23(2), pages 288-307, March.
    80. Giles Mohan & May Tan-Mullins, 2009. "Chinese Migrants in Africa as New Agents of Development? An Analytical Framework," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 588-605, September.
    81. Jesse Salah Ovadia, 2013. "Accumulation with or without dispossession? A 'both/and' approach to China in Africa with reference to Angola," Review of African Political Economy, Taylor & Francis Journals, vol. 40(136), pages 233-250, June.
    82. Lalountas, Dionisios A. & Manolas, George A. & Vavouras, Ioannis S., 2011. "Corruption, globalization and development: How are these three phenomena related?," Journal of Policy Modeling, Elsevier, vol. 33(4), pages 636-648, July.
    83. Asongu Simplice, 2011. "Government Quality Determinants of Stock Market Performance in African Countries," Working Papers of the African Governance and Development Institute. 11/019, African Governance and Development Institute..
    84. repec:unu:wpaper:unupb3-2013 is not listed on IDEAS
    85. Wendy Wolford & Saturnino M. Borras Jr. & Ruth Hall & Ian Scoones & Ben White & Lila Buckley, 2013. "Chinese Land-Based Interventions in Senegal," Development and Change, International Institute of Social Studies, vol. 44(2), pages 429-450, March.
    86. Liming Wang & Jinghai Zheng, 2010. "China and the changing landscape of the world economy," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 8(3), pages 203-214.
    87. Peter Kragelund, 2009. "Part of the Disease Or Part of the Cure? Chinese Investments in the Zambian Mining and Construction Sectors," The European Journal of Development Research, Palgrave Macmillan;European Association of Development Research and Training Institutes (EADI), vol. 21(4), pages 644-661, September.
    88. James Boyce & Léonce Ndikumana, 2008. "New Estimates of Capital Flight from Sub-Saharan African Countries: Linkages with External Borrowing and Policy Options," Working Papers wp166, Political Economy Research Institute, University of Massachusetts at Amherst.
    89. Juliet Elu & Gregory Price, 2010. "Does China Transfer Productivity Enhancing Technology to Sub-Saharan Africa? Evidence from Manufacturing Firms," African Development Review, African Development Bank, vol. 22(S1), pages 587-598.
    90. Célestin Monga, 2014. "The False Economics of Pre-Conditions: Policymaking in The African Context," Journal of African Development, African Finance and Economic Association (AFEA), vol. 16(2), pages 121-140.
    91. Yingqi Wei & Chengang Wang, 2009. "Understanding China's international economic integration," Journal of Chinese Economic and Business Studies, Taylor & Francis Journals, vol. 7(4), pages 401-408.
    92. Richard Schiere, 2010. "Building Complementarities in Africa between Different Development Cooperation Modalities of Traditional Development Partners and China," African Development Review, African Development Bank, vol. 22(S1), pages 615-615.
    93. Diadié Diaw & Albert Lessoua, 2013. "Natural Resources Exports, Diversification and Economic Growth of CEMAC Countries: On the Impact of Trade with China," African Development Review, African Development Bank, vol. 25(2), pages 189-202, June.
    Full references (including those not matched with items on IDEAS)

    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

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:agd:wpaper:19/050. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Asongu Simplice). General contact details of provider: http://edirc.repec.org/data/agdiycm.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.