'Old' And 'New' Consensus Amidst Us-China Economic Rivalry In The Global South

Abstract

There was less critical thinking on the subject of 'development' until it became popular in the 1950s. The proponents of 'development' in world politics ranged from modernization theorists to supporters of democratic development. Both the proponents used the term modernization, development and progress interchangeably in the context of third-world development. Today, in the development studies, where the dependency versus modernization rift still exists, there are other forms of development aspects that have continued to emerge. The 21st-century politics shows the rise of China as a potential competitor to the Western liberal order. The Chinese 'Beijing Consensus' has emerged as an alternative approach towards the dominant Western model of development. This paper uses a range of developmental models and theories to discuss the Politics of Development in the Global South over time and how the Western model of development differs from that of China in the ongoing US-China economic rivalry.