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China versus the Washington Consensus: The Anomaly for World Bank Advocacy Research

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  • Dic Lo

    (Department of Economics, SOAS University of London, UK)

Abstract

The Chinese experience of economic transformation has presented a serious challenge to the Washington Consensus. Since the mid-1990s, institutions upholding the Washington Consensus have mostly excluded the Chinese experience–because of its conspicuous anomaly-in their attempts to interpret worldwide transition and development in line with their policy doctrines. Yet, China did in fact rigorously implement the policy doctrines in the years 1993-1997, but only to result in severe social and economic problems. Since 1998, in the face of the problems and because of increasingly social resistance to the mainstream policies, China has progressively turned to focus on "constructing a harmonious society". This turn represents a quest for a model of social and economic development that deviates fundamentally from the Washington Consensus. This paper was first presented at SOAS on May 2008 at the seminars series entitled "The World Bank after Deaton: the Future of Development Research".

Suggested Citation

  • Dic Lo, 2010. "China versus the Washington Consensus: The Anomaly for World Bank Advocacy Research," Working Papers 164, Department of Economics, SOAS University of London, UK.
    • Handle: RePEc:soa:wpaper:164
    as

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    References listed on IDEAS

    as
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    5. Stanley Fischer, 2001. "Ten Years of Transition: Looking Back and Looking Forward," IMF Staff Papers, Palgrave Macmillan, vol. 48(4), pages 1-1.
    6. Easterly, William, 2001. "The Lost Decades: Developing Countries' Stagnation in Spite of Policy Reform 1980-1998," Journal of Economic Growth, Springer, vol. 6(2), pages 135-157, June.
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