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The objective of my master's thesis, "Sino-American Ideological Clash: Washington Consensus and Beijing Consensus" is to consider two models of economic development, the Washington Consensus and the Beijing consensus. In the first part, I analyze the discourse that evolves around these two concepts, and I also consolidate the definitions of these terms. Washington Consensus was a set of specific rules for macroeconomic policy of the state. As a result of the ending Cold War, the discrediting of alternative models of economic development and direct link of this model to the financial support from international financial institutions, the popularity of the Washington consensus in the 1990s soared. The democratization of the country was perceived as another unwritten rule. In the wake of the Asian financial crisis of 1997, as well as other crises in developing countries which actively engaged the World Bank and IMF, the term has been largely discredited. It was associated with concepts like 'shock therapy', 'neoliberalism' or 'market fundamentalism'. Meanwhile, the long-term economic growth of China drew the attention of developing countries. In connection with the declining popularity of the Washington Consensus and the global economic crisis, the demand for alternative development policies increased. The... |
