Munich Personal RePEc Archive A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives Asongu, Simplice and Acha-Anyi, Paul January 2019 Online at https://mpra.ub.uni-muenchen.de/101533/ MPRA Paper No. 101533, posted 04 Jul 2020 06:41 UTC A G D I Working Paper WP/19/050 A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives Forthcoming: International Review of Economics Simplice A. Asongu African Governance and Development Institute, P. O. Box 8413, Yaoundé, Cameroon E-mails:
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[email protected] Paul N. Acha-Anyi Department of Tourism, Hospitality and Sports Management Buffalo City, College street campus, Walter Sisulu University Eastern Cape Province, South Africa E-mails:
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[email protected] 1 2019 African Governance and Development Institute WP/19/050 Research Department A Survey on the Washington Consensus and the Beijing Model: Reconciling Development Perspectives Simplice A. Asongu & Paul N. Acha-Anyi January 2019 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.