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Essay On Beijing Vs Washington Consensus

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Introduction
Both Beijing and Washington Consensuses have its own exact strength and weaknesses. However their common objective is that both consensuses act as a development model to the concerns of economic development and is as of much relevance to developing countries. Washington Consensus was only implemented after post war by John Williamson in 1989, and ten sets of principle/ policy recommendations were also implemented at that time. (Williamson 1990) Whereas Beijing Consensus began only after the demise of Mao Zedong and the re-establishment of Deng Xiaoping (1976) and is considered to be a vast contribution to China's eightfold growth in the total overall national product for over two periods of 10 years. (Ramo 2004) Both Beijing and …show more content…

This Consensus was based on institutions – (IMF) The International Monetary Fund, World Bank and the US Treasury Department. The Washington Consensus covers policies in areas like stabilization, macroeconomic, economic developments with regards in terms of both investment and trade and also the market forces expansion that will be within the domestic economy. Washington Consensus is a term used to describe a set of vast free market economic concepts backed by leading well-known economists and international institutions, such as the IMF, the EU, the World Bank and the US which have been mentioned earlier. And as per outlined by John Williamson in his devising of the Washington Consensus (WC). The ideas are privatization; the liberalization of market, the protection of private property, the openness of economic and lastly the prudent fiscal …show more content…

This is not a long term approach as innovation does have faults and errors along the way, it requires an abundant number of resources and capital in order to carry on with the continuous trial and therefore for developing countries, this posed as a obstruction and difficulties as the resources they have are very limited and government intervention are considered to be strict and tight on the national products. https://www.academia.edu/4936072/BEIJING_VS_WASHINGTON_CONSENSUS
The second rule refers to the country Per capital income (GDP / capital). This should not be considered as the only measure of growth. Economic growth should not only depend on the GDP but instead it should depend on the sustainability of the implemented economic policies and also the distribution of wealth. These should be put into consideration when it comes to economic

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