Abstract
AbstractThe essay argues that the influential Washington Consensus neo-liberal economic philosophers assume that market and price mechanisms should be promoted to achieve economic development and calls for economic liberalization undermining the role of state intervention policy instruments. Contrary to this, the Beijing Model development policy advocators pronounce economic liberalization in a closed politics. The success of the Beijing Model posed profound challenge to the discipline of economics as the reform paths pursued by Chinese policy makers embarked on centralization of politics and decentralization of economic affairs to sub-national governments. The essay analyses these presuppositions based on the evidence from the emerging developmental states in the BRICS that pursued multiparty politics (South Africa and Brazil) as well as the democratic India as a comparison to China. It maintains that any development model cannot be universally applicable and the realistic development policy should emerg...
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