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Law, development, and finance

In: Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific

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Abstract

The US-led Indo-Pacific strategy to promote free, fair, and reciprocal trade and the China-led OBOR to export China’s overcapacity, soft power, and RMB internationalization are competing development visions. The OBOR initiative may substantially challenge the development strategies established by the World Bank Group and other development institutions. Arguments on competing visions of development strategies start from the Washington Consensus, which was proposed in 1989 towards market-based approach and neoliberalism as the "standard" reform package for transition economies, and the Beijing Consensus, which was proposed in 2004 as an alternative development strategy - the “China Model†. The Washington Consensus highlights marketization, privatization, and deregulation of financial sector. In contrast, the Beijing Consensus is characterized by experimentalism, gradualism, and asymmetric development. The Chinese model of development is coined as state-dominated, investment-driven and export-oriented state capitalism. As many Asian countries are export-oriented rather than consumption-driven, China’s development model may not fit for them.

Suggested Citation

  • ., 2021. "Law, development, and finance," Chapters, in: Alternative Development Finance and Parallel Development Strategies in the Asia-Pacific, chapter 2, pages 22-46, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:20550_2
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    Cited by:

    1. Shiiba, Nagisa & Maekawa, Miko & Vegh, Tibor & Virdin, John, 2022. "Tracking International Aid Projects for Ocean Conservation and Climate Action," ADBI Working Papers 1308, Asian Development Bank Institute.
    2. Guttman-Kenney, Benedict & Firth, Chris & Gathergood, John, 2023. "Buy now, pay later (BNPL) ...on your credit card," Journal of Behavioral and Experimental Finance, Elsevier, vol. 37(C).
    3. Olatunji A. Shobande & Simplice A. Asongu, 2021. "The rise and fall of the energy-carbon Kuznets curve: Evidence from Africa," Working Papers 21/069, European Xtramile Centre of African Studies (EXCAS).
    4. Brou Emmanuel AKA & Yao Silvère KONAN, 2023. "Frequency domain causality analysis of financial development and economic growth in Côte d’Ivoire," Theoretical and Applied Economics, Asociatia Generala a Economistilor din Romania / Editura Economica, vol. 0(2(635), S), pages 163-182, Summer.
    5. Shahriyar Mukhtarov & R dvan Karacan & Fuzuli Aliyev & Vuqar Ismayilov, 2022. "The Effect of Financial Development on Energy Consumption: Evidence from Russia," International Journal of Energy Economics and Policy, Econjournals, vol. 12(1), pages 243-249.

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