Political Economy of the Beijing Consensus: Its Past, Present, and Future
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The overall figures or a eco-political system of China that outstanding achievements have relied on is carefully coined ‘Beijing Consensus’ by political economists. The neology has been used to indicate the uniqueness of the Chinese eco-political system and to analyze the responses of the third world against the policy suggestions for development enforced by the Western developed economies and world economic institutions. However, the initiative concept has not been formalized nor has its reality been fully analysed yet. The present paper aims to fill this gap. By reviewing the Chinese development process, this study is to contextualize in a historical perspective the development process and its urgent challenges that the Chinese socio-political system faces. It shows that the radical reform process after the mid-1990s created both internal and external imbalances. Encountering these challenges, the Chinese leadership has taken since early 2000s a strategy to switching over to domestic consumption-led growth regime. However, this paper argues that this requires the reform of the entire social system including social security net and income distribution system as well as economic regime.
Abstract
The overall figures or a eco-political system of China that outstanding achievements have relied on is carefully coined ‘Beijing Consensus’ by political economists. The neology has been used to indicate the uniqueness of the Chinese eco-political system and to analyze the responses of the third world against the policy suggestions for development enforced by the Western developed economies and world economic institutions. However, the initiative concept has not been formalized nor has its reality been fully analysed yet. The present paper aims to fill this gap. By reviewing the Chinese development process, this study is to contextualize in a historical perspective the development process and its urgent challenges that the Chinese socio-political system faces. It shows that the radical reform process after the mid-1990s created both internal and external imbalances. Encountering these challenges, the Chinese leadership has taken since early 2000s a strategy to switching over to domestic consumption-led growth regime. However, this paper argues that this requires the reform of the entire social system including social security net and income distribution system as well as economic regime.
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