Skip to main content
SpringerLink
Log in

Economic Policies, Paradigm Shifts and Their Implications

  • Chapter
  • First Online:
The Belt and Road Initiative and the Global Economy

Abstract

Various policies that underlie the BRI will be discussed, including China’s “going out” policy, which has been introduced partly in response to the requirements of resources for China’s economic growth, the need to absorb capital surplus from China, and a decline of western demand for Chinese exports. The Washington Consensus is based on financial liberalization, deregulation and privatization, whereas the Beijing Consensus introduces stepwise incremental reforms and experimentation, export-led growth, and the reliance on state-owned enterprises, so that the Chinese state-led development paradigm and the globalization with Chinese characteristics are highlighted. The BRI could not have come into existence without state intervention and government finance; however, state-led development can exist side by side with a growing private sector.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
eBook
USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 16.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 109.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Bibliography

  • Arase, D. (2015). China’s Two Silk Roads Initiative: What It Means for Southeast Asia. Southeast Asian Affairs, 2015(1), 25–45.

    Google Scholar 

  • Bairoch, P. (1995). Economics of World History: Myths and Paradoxes. Chicago: University of Chicago Press.

    Google Scholar 

  • Bardhan, P., & Mookherjee, D. (2006). The Rise of Local Governments: An Overview. In P. Bardhan & D. Mookherjee (Eds.), Decentralization and Local Governance in Developing Countries: A Comparative Perspective (pp. 1–52). Cambridge, MA and London: MIT Press.

    Google Scholar 

  • Beeson, M., & Li, F. (2015). What Consensus? Geopolitics and Policy Paradigms in China and the United States. International Affairs, 91(1), 93–109.

    Article  Google Scholar 

  • Callahan, W. A. (2015). History, Tradition and the China Dream: Socialist Modernization in the World of Great Harmony. Journal of Contemporary China, 24(96), 983–1001.

    Article  Google Scholar 

  • Chen, M.-J. (2002). Transcending Paradoxes: The Chinese Middle Way Perspective. Asia Pacific Journal of Management, 19, 179–199.

    Article  Google Scholar 

  • Chomsky, N. (2002). Understanding Power: The Indispensable Chomsky (J. Schoeffel & R. Mitchell, Eds.). New York: The New Press.

    Google Scholar 

  • Comino, A. (2007). A Dragon in Cheap Clothing: What Lessons Can Be Learned from the EU-China Textile Dispute? European Law Journal, 13(6), 818–838.

    Article  Google Scholar 

  • DeLong, J., & Eichengreen, B. (1993). The Marshall Plan: History’s Most Successful Structural Adjustment Program. In R. Dornbusch & W. Nolling, et al. (Eds.), Postwar Economic Reconstruction and Lessons for the East Today (pp. 189–230). Cambridge: MIT Press.

    Google Scholar 

  • Farah, P. D. (2016). Trade and Progress: The Case of China. Columbia Journal of Asian Law, 30(1), 51–112.

    Google Scholar 

  • Galbraith, J. K. (1974). Economics and the Public Purpose. London: André Deutsch.

    Google Scholar 

  • Gao, S. (2017). China and Global Energy Governance: Integration or Confrontation. Global Governance, 23(2017), 307–325.

    Article  Google Scholar 

  • Gore, C. (2000). The Rise and Fall of the Washington Consensus as a Paradigm for Developing Countries. World Development, 28(5), 789–804.

    Article  Google Scholar 

  • Gu, M. D. (2016). Confucian Ethics and the Spirit of World Order: A Reconception of the Chinese Way of Tolerance. Philosophy East and West, 66(3), 787–804.

    Article  Google Scholar 

  • Güven, A. B. (2012). The IMF, the World Bank and the Global Economic Crisis: Exploring Paradigm Continuity. Development and Change, 43(4), 869–898.

    Article  Google Scholar 

  • Halper, S. (2010). The Beijing Consensus: How China’s Authoritarian Model Will Dominate the Twenty-First Century. New York: Basic Books.

    Google Scholar 

  • Harman, C. (2008). A People’s History of the World: From the Stone Age to the New Millennium (3rd ed.). New York: Verso.

    Google Scholar 

  • Henderson, J., Appelbaum, R. P., & Ho, S. Y. (2013). Globalization with Chinese Characteristics: Externalization, Dynamics and Transformations. Development and Change, 44(6), 1221–1253.

    Google Scholar 

  • Hou, X. (2014). Dissecting China’s Rise: Controversies Over the China Model. China Perspectives, 2014(2), 61–67.

    Article  Google Scholar 

  • Hsueh, R. (2016). State Capitalism, Chinese-Style: Strategic Value of Sectors, Sectoral Characteristics and Globalization. Governance: An International Journal of Policy, Administration, and Institutions, 29(1), 85–102.

    Google Scholar 

  • Huang, Y. (2012). How Did China Take Off? Journal of Economic Perspectives, 26(4), 147–170.

    Article  Google Scholar 

  • Jing, Y. (2017). The Transformation of Chinese Governance: Pragmatism and Incremental Adaption. Governance: An International Journal of Policy, Administration, and Institutions, 30(1), 37–43.

    Google Scholar 

  • Joshua, J. (2017). China’s Economic Growth: Towards Sustainable Economic Development and Social Justice (Vol. II). London: Palgrave Macmillan.

    Book  Google Scholar 

  • Kant, I. (1983). Perpetual Peace and Other Essays on Politics, History, and Other Morals (T. Humphrey, Trans.). Indianapolis: Hackett Publishing.

    Google Scholar 

  • Kennedy, S. (2010). The Myth of the Beijing Consensus. Journal of Contemporary China, 19(65), 461–477.

    Article  Google Scholar 

  • Kornai, J. (2000). What the Change of System from Socialism to Capitalism Does and Does Not Mean. Journal of Economic Perspectives, 14(1), 27–42.

    Article  Google Scholar 

  • Kuhn, T. S. (1970). The Structure of Scientific Revolutions (2nd ed.). Chicago: The University of Chicago Press.

    Google Scholar 

  • Lin, J. Y. (2010). New Structural Economics: A Framework for Rethinking Development (World Bank Policy Research Working Paper No. 5197). Washington, DC: World Bank.

    Google Scholar 

  • Liu, D. (2014). China’s Resource Demand and Market Opportunities in the Middle East: Policies and Operations in Iran and Iraq. Perspectives on Global Development and Technology, 13(5–6), 564–587.

    Article  Google Scholar 

  • Lu, S., & Ganne, B. (2016). From Farm Tools to Electric Cars: A Study of the Development of a Chinese Industrial Cluster: The Case of Yongkang in Zhejiang (1980–2010). China Perspectives, 2016(1), 37–48.

    Article  Google Scholar 

  • Mahoney, J. G. (2014). Interpreting the Chinese Dream: An Exercise of Political Hermeneutics. Journal of Chinese Political Science, 19, 15–34.

    Article  Google Scholar 

  • McNally, C. A. (2011). China’s Changing Guanxi Capitalism: Private Entrepreneurs Between Leninist Control and Relentless Accumulation. Business and Politics, 13(2), 1–29.

    Article  Google Scholar 

  • McNally, C. A. (2012). Sino-Capitalism: China’s Re-emergence and the International Political Economy. World Politics, 64(4), 741–776.

    Article  Google Scholar 

  • McNally, C. A. (2013, February). How Emerging Forms of Capitalism Are Changing the Global Economic Order. Asia Pacific Issues. Analysis from the East-West Center (107), 1–8.

    Google Scholar 

  • Nathan, A. J., & Scobell, A. (2016). Globalization as a Security Strategy: Power and Vulnerability in the “China Model”. Political Science Quarterly, 131(2), 313–339.

    Article  Google Scholar 

  • Naughton, B. (2010). China’s Distinctive System: Can It Be a Model for Others? Journal of Contemporary China, 19(65), 437–460.

    Article  Google Scholar 

  • Rodrik, D. (2006). Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank’s Economic Growth in the 1990’s: Learning from a Decade of Reform. Journal of Economic Literature, XLIV(4), 973–987.

    Google Scholar 

  • Shleifer, A., & Vishny, R. W. (1993). Corruption. Quarterly Journal of Economics, 108(3), 599–617.

    Google Scholar 

  • Stiglitz, J. E. (2002). Globalisation and Its Discontents. New York: W. W. Norton.

    Google Scholar 

  • Stiglitz, J. E. (2010). Free Fall: America, Free Markets, and the Sinking of the World Economy. New York: W. W. Norton.

    Google Scholar 

  • Stuenkel, O. (2013). The Financial Crisis, Contested Legitimacy, and the Genesis of Intra-BRICS Cooperation. Global Governance, 19(4), 611–630.

    Article  Google Scholar 

  • Sze, J. (2015). Fantasy Islands: Chinese Dreams and Ecological Fears in an Age of Climate Crisis. Oakland: University of California Press.

    Google Scholar 

  • Williams, K. (2000). From Shareholder Value to Present-Day Capitalism. Economy and Society, 29(1), 1–12.

    Article  Google Scholar 

  • Williamson, J. (1993). Democracy and the ‘Washington Consensus’. World Development, 21(8), 1329–1336.

    Article  Google Scholar 

  • Williamson, J. (2012). Is the “Beijing Consensus” Now Dominant? Asia Policy, 13(1), 1–16.

    Article  Google Scholar 

  • Xu, C. (2011). The Fundamental Institutions of China’s Reforms and Development. Journal of Economic Literature, 49(4), 1076–1151.

    Article  Google Scholar 

  • Yates, J. S., & Bakker, K. (2014). Debating the ‘Post-neoliberal Turn’ in Latin America. Progress in Human Geography, 38(1), 62–90.

    Article  Google Scholar 

  • Zeng, L. (2016). Conceptual Analysis of China’s Belt and Road Initiative: A Road Towards Regional Community of Common Destiny. Chinese Journal of International Law, 15(3), 517–541.

    Google Scholar 

  • Zhang, W. (2014, January 6). Overseas M&As of Chinese Petroleum Enterprise (Part One) (China Chemical Reporter).

    Google Scholar 

  • Zheng, W. (2014). The Chinese Dream: Concept and Context. Journal of Chinese Political Science, 19(1), 1–13.

    Article  Google Scholar 

Download references

Author information

Authors and Affiliations

  1. Shui Mu Shan Cheng, Fushun, Liaoning, China

    John Joshua

Authors
  1. John Joshua
    View author publications

    You can also search for this author in PubMed Google Scholar

Corresponding author

Correspondence to John Joshua .

Rights and permissions

Reprints and permissions

Copyright information

© 2019 The Author(s)

About this chapter

Check for updates. Verify currency and authenticity via CrossMark

Cite this chapter

Joshua, J. (2019). Economic Policies, Paradigm Shifts and Their Implications. In: The Belt and Road Initiative and the Global Economy. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-030-28030-7_2

Download citation

  • DOI: https://doi.org/10.1007/978-3-030-28030-7_2

  • Published:

  • Publisher Name: Palgrave Macmillan, Cham

  • Print ISBN: 978-3-030-28029-1

  • Online ISBN: 978-3-030-28030-7

  • eBook Packages: Economics and FinanceEconomics and Finance (R0)

Publish with us

Policies and ethics

Search

Navigation