U.s. Washington Consensus And The Beijing Consensus

1998 Words8 Pages
1. Introduction

As the modern day economy continues to grow, more and more discussion are emerging revolving around what are the factors that led to the successful economic growth in some countries and one country that has been gaining researcher’s interest is China and the development of Beijing from a third world country in the to a developed and Newly industrialized country today.
The report examines two major economic consensus frameworks that is closely related to economic growth in the world. They are namely the Washington Consensus and the Beijing Consensus. The former is looking at industries in the western context whereas the latter is looking the Asian context mainly China. The later part of the report will discuss and compare the two consensus such as identifying their differences as well as pros and cons of using each model. The last part of the report will discuss weather is Beijing consensus dominating the once popular Washington consensus.
2. Main Content
2.1. Washington Consensus

Washington Consensus (WC) was first discovered post World War II in 1989 by John Williamson (Williamson, A Short History of the Washington Consensus, 2004). WC believes in promoting free trade, floating exchange rate, free markets and macroeconomic stability to help economies grow and recover after the world war. This non-liberal view of globalization has saw supporters from World-known economist and organizations such as IMF, World Bank, EU & US.
WC suggests a set of 10
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