Abstract
Today, the West faces a considerable dilemma in their support for the Washington Consensus as a dominant approach for development because the Beijing model has grown to become an unavoidable process which can only be neglected at the cost of standing on the wrong side of economic history. The Washington Consensus, the hitherto dominant scheme, is being encroached on by the Beijing model. Many African nations are increasingly embracing this later method because the prevailing Western model has failed to deliver on a number of objectives. This is increasingly evident because China’s economic diplomacy has been politely and strategically coined to achieve it. A case study is used herein to articulate the different strands of the survey. The paper puts some structure on China’s economic diplomatic strategies and discusses lessons for Africa, China and the West. It contributes to existing literature by critically assessing why it is necessary for the West to modify the conception and definition of the Washington Consensus as a counterpart to the Beijing model. In order to remain relevant in the 21st century and beyond, the Washington Consensus should incorporate those ideas which are in conformity with Moyo’s (2013) conjecture. This postulates that, while the Beijing model is optimal in the short-run, the Washington Consensus remains the ideal long-term development model because it is more inclusive of the rights demanded by individuals at different income categories.
Highlights
The desire by independent African countries to seek new relationships in the 21stCentury with non-Western allies is not a new intriguing development in the international relationship arena
Among the subjects for debate, China’s tactic in economic diplomacy has been in the forefront (Asche et al, 2008; Besada et al, 2008; Biggeri et al, 2009; Ortmann, 2012; Asongu & Aminkeng, 2013). This is compounded by the fact that, China has an African policy while most African countries south of the Sahara do not yet have a plan on China to balance the asymmetry in economic relations with historical Western donors
This proposes that while the Beijing model is optimal in the short-run; the Washington Consensus remains the prime long-term development model because it is a more inclusive of population from different income categories
Summary
The desire by independent African countries to seek new relationships in the 21st. Century with non-Western allies is not a new intriguing development in the international relationship arena. Chinese economic diplomacy is substantially influenced by the poor institutional quality in African countries (Renard, 2011); the availability of natural resources (Kolstad & Wiig, 2011); more affiliation with countries that are facing dire needs for investment infrastructure and a growing need to diversify the economies on the continent (Tuomi, 2011; Asongu, 2012; Darley, 2012; Diaw & Lessoua, 2013) The importance of these ideas for the Sino-African relationship is discussed in greater detail in the remainder of this section. 3.1 Lessons for Africa Many studies on the Sino-African relationship are consistent with the appealing dimensions of the liaison They include among others: (i) China engaging in sectors abandoned by the West during the global financial meltdown (Kamwanga & Koyi, 2009), (ii) Development assistance and investments in crumbling infrastructure like the building of government offices, dams, stadia and hospitals (Taylor, 2006; Asongu & Aminkeng, 2013). If elites in those states have the reputation of ambitiously sacrificing development objectives to remain in power at all costs, the external beneficiary who blatantly supports the milieu is not likely to succeed in the long-term due to political instability
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