@workingpaper{Asongu2014bk,
title = {A Development Consensus reconciling the Beijing Model and Washington Consensus: Views and Agenda},
author = {Simplice A Asongu},
editor = {African 2014 Governance and Development Institute WP/14/013},
url = {http://www.afridev.org/RePEc/agd/agd-wpaper/A-development-consensus-reconciling-the-Beijing-model-and-Washington-consensus.-Views-and-agenda.pdf},
year = {2014},
date = {2014-08-01},
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.},
keywords = {Economic thought; Development; Beijing model; Washington Consensus; Africa},
pubstate = {published},
tppubtype = {workingpaper}
}