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

  • Simplice A. AsonguEmail author
  • Paul N. Acha-Anyi
Research Article

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 

JEL Classification

B10 O11 O19 O55 

Notes

Acknowledgements

The authors are indebted to the editor and reviewers for the constructive comments.

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© Springer-Verlag GmbH Germany, part of Springer Nature 2019

Authors and Affiliations

  1. 1.Department of Economics and Development Studies, Centre for Economic Policy and Development Research (CEPDeR)Covenant UniversityOtaNigeria
  2. 2.Department of Tourism, Hospitality and Sports ManagementWalter Sisulu UniversityBuffalo CitySouth Africa

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