Beijing Consensus vs. Washington Consensus August 16, 2018

Trump Administration increasingly erodes the political and economic structure that the United States has shaped and globally spread. Will the power vacuum thus created, pave the way to alternative visions?

From 1990s onwards, China has pursued a policy of transforming its closed, planned economy into a more open, market-based system. Industry and service sectors gradually replace agriculture as the main driver of national development. In the past, the country was infamous for reverse engineering and imitation; now, it is hailed as a global innovator. While these are happening, the generations-old tradition of state oversight of markets is never questioned. When China’s statesmen seek to increase accountability, they concentrate not on creating a market-based and democratic, system, but rather on curbing abuses of power and allowing a limited flow of products, capital, people, and information.

Issue 79