Post-global financial crisis: The measure of the “Beijing consensus” as a variety of capitalisms

Killion, M. Ulric (2010): Post-global financial crisis: The measure of the “Beijing consensus” as a variety of capitalisms.

Abstract

In order to explore the prospective effects of what hails as the Beijing consensus, a conceptualization arguably near-synonymous with Beijing’s export-oriented strategy, the Article first discusses the state of the Chinese economy in the post-global financial crisis era. After reviewing some key indicators of the country’s economy, the Article presents a comparison between a Washington and Beijing consensus, contrasting ideological meanings between these two consensuses, and then explores the measure of the Beijing consensus as a variety of capitalisms. By doing so the Article reveals the broader role of Beijing’s export-oriented strategy and its eventual relation to international capital’s industrial transformation and the prospective effects of a Beijing consensus. The Article concludes by presenting a prospectus of the Beijing consensus as a variety of capitalisms in the post-global financial crisis era. By presenting the Beijing consensus or even export-oriented strategy as an evolving model in this new era, China’s trade and finance models prospectively present a distinctive modeling of capitalism and its tools of trade and finance models.

• Item Type: MPRA Paper
• Language: English
• Keywords: China; economy; export; capitalist; socialist; transformation
• Subjects: F - International Economics > F0 - General > F00 - General; P - Economic Systems > P0 - General > P00 - General; F - International Economics > F1 - Trade > F10 - General; Z - Other Special Topics > Z0 - General > Z00 - General

References

Albert, M, 1998, Capitalisme contre capitalisme, [Capitalism against Capitalism], Seuil.

Bevilacqua, D. and J. Duncan, 2010, “Towards a New Cosmopolitanism: Global Reflexive Interactive Democracy as a New Mechanism for Civil Society Participation in Agri-food Governance,” Global Jurist: Vol. 10: Iss. 1 (Advances), Article 2; Available at: http://www.bepress.com/gj/vol10/iss1/art2.

Bradford, Jr., C. I. and J. F. Linn, 2009, September, “Is the G-20 Summit a Step Toward a New Global Economic Order?,” Brookings Institution, Policy Brief #170.

U.S. Secretary of Energy to Deliver Keynote Address at CERAWeek 2010, 2010, February 5, [Electronic version], CERA: News: Press Release.

Cha, A. E., 2006, April 23, The Beijing Consensus, Washington Post.

Chen, J., and Li Y., Eds., 2009, 2010 Economy of China Analysis and Forecast, [2010 Nian Zhongguo Jingji Xingshi Fenxi Yu Yuce], Social Sciences Academic Press.

China’s 8% economic growth goal achievable: economist, 2009, December 6, Xinhua News.

Coates, D., 2002, Models of Capitalism: Debating Strengths and Weaknesses, Edward Elgar Publishing, ix.

Cole, C. W., 1965, French mercantilism: 1683-1700, Octagon Books.

Deeg, R., and G. Jackson, 2007, “The State of the Art - Towards a more dynamic theory of capitalist variety,” Socio-Economic Review, Vol. 5, 149–179.

_____, and _____, 2006, “How Many Varieties of Capitalism? Comparing the Comparative Institutional Analyses of Capitalist Diversity,” Discussion Paper 06/2, Max-Planck-Institut fuer Gesellschaftsforschung.

Ding, Q., 2009, December 24, Outlook for Chinese exports still grim, China Daily.

Dittrick, P., 2010, March 9, “CERAWeek: Asia to dominate growing energy demand,” Oil & Gas Journal.

Dore, R., W. Lazonick and M. O’Sullivan, 1999, “Varieties of capitalism in the twentieth century,” Vol. 15 Oxford Review of Economic Policy.

Faison, S., 2009, December 20, Book review: ‘When China Rules the World’ by Martin Jacques, Washington Post.

Gipouloux, F., 1998, May-June, “Integration or Disintegration? The Spatial Effects of Foreign Direct Investment in China,” China Perspectives, 6.

Hall, P. A., and D. Soskice, (Eds.), 2001, Varieties of Capitalism – The Institutional Foundations of Comparative Advantage, Oxford University Press.

Hao, Y., 2009, December 8, China’s foreign trade to recover in 2010, China Daily.

He, F., 2009, December 21, Economy needs some tweaking, China Daily.

Hu, Y., 2010, May 19, Urbanization to bolster GDP growth, China Daily.

Jacques, M., 2009, When China Rules the World: The End of the Western World and the Birth of a New Global Order, Penguin Press.

John Williamson Conversation, 2009, April 12, Washington Post.

Killion, U., 2009, “Post-Subprime Crisis: China Banking and GATS Liberalization,” Economics, Management, and Financial Markets, Vol. 4 (2), 13-26.

_____, 2008, “Regional Economic Integration – The Chinese Way,” The Analyst-Finance Magazine: Global Economy Special Issue (Aug.), 57-59.

_____, 2007, Modern Chinese Rules of Order: Paradox of Law and Economics, Nova Science Publishers, 83-86.

_____, 2006, A Modern Chinese Journey to the West: Economic Globalization and Dualism, Nova Science Publishers, 2.

Kleinbach, R., 1999, May 30, (Presentation), Sustainable Development and Neo-Liberalism, Conference, American Univ. (Kyrgyzstan), Last accessed 28 June 2010; http://faculty.philau.edu/kleinbachr/neo-liberalism.htm.

Lewis, G., 1994, “Proto-Industrialization in France,” The Economic History Review, Vol. 47, No. 1 (Feb.), 150-164.

_____, 1993, The Advent of Modern Capitalism in France, 1770–1840: The Contribution of Pierre-François Tubeuf, Oxford: Clarendon Press.

Meng, J., 2008, “The hypothesis of economic man and Marxist economics,” Zhongguo Shehui Kexue [Soc. Sci. China], Vol. XXIV, No. 1 (Feb.), 5-15.

Pei, C., 2009a, December 8, China’s foreign trade to recover in 2010, China Daily.

_____, and L. Peng, 2009b, “Reform and opening up in the area of circulation: a retrospect,” Zhongguo Shehui Kexue [Soc. Sci. China], Vol. XXX, No. 1 (Feb.), 36-53.

Prebisch, R., 1950, The Economic Development of Latin America and Its Principal Problems, New York: United Nations.

Privateer, P. M., 2006, Inventing Intelligence: A Social History of Smart, Wiley-Blackwell, 129.

Qiang, X., 2009, December 8, Blue Book: China’s GDP to rise slowly, China Daily.

Ramo, J. C., 2004, May, “The Beijing consensus: Notes on the New Physics of Chinese Power,” The Foreign Policy Centre, UK.

Rein, S., 2009, September 15, The New Post-Lehman Capitalist World, Forbes.

Ru, X., X. Lu, and P. Li, (Eds.), 2009, 2010 Society of China Analysis and Forecast, [2010 Nian Zhongguo Shehui Singshi Fenxi Yu Yuce], Social Sciences Academic Press.

Senior officials and scholars challenge “China Model”, 2009, December 10, China Daily.

Shambaugh, D., 2010, March 1, Is there a China Model?, China Daily.

Si, T., 2009, December 21, China’s economy grew by 9.6% last year, China Daily.

Strauss-Kahn, D., 2009, October 2, (Speech), Making the Most of an Historic Opportunity: Three Principles for Reshaping the Global Economic and Financial Framework, Speech, Istanbul, Çırağan Palace, Last accessed June 8, 2010; http://www.imf.org/external/np/speeches/2009/100209.htm.

Summers, D., 2009, January 29, Financial crisis: Gordon Brown calls for new global order, Guardian News.

The Economist, 2010, May 6, The China Model - The Beijing consensus is to keep quiet, London: Economist Newspaper Ltd.

Tronche, J. L., 2010, March 8, CERA Week 2010: Collaboration will help solve global energy problems, Fort Worth Business Press Last accessed April 15, 2010; http://www.fwbusinesspress.com/display.php?id=12125.

Walker, T., 2010, March 4, China lets its cash speak in the Balkans, Deutsche Welle, Last accessed June 22, 2010; http://www.dw-world.de/dw/article/0,,5315134,00.html.

Woo, W. T., 2003, “A United Front for the Common Objective to Understand China’s Economic Growth: A Case of Nonantagonistic Contradiction, Wu vs. Woo,” Issues & Studies 39, No. 2 (June), 1-23.

WSJ, China blasted for “opportunistic” African loans, 2006, October 2, China Reform Monitor No. 641.

WTO, Trade Policy Review: China, 2010, May 31, PRESS RELEASE: PRESS/TPRB/330, Last accessed June 24, 2010; http://www.wto.org/english/tratop_e/tpr_e/tp330_e.htm.

Yan, P., 2009, December 8, Gov’t think tank: China’s economic growth to exceed 9% in 2010, China.org.cn, Last accessed May 14. 2010; http://www.china.org.cn/business/2009-12/08/content_19029221.htm.

Yuan, Z., 2009, “Dialogue, Interaction and New Developments in Philosophy in Contemporary China – Specialist Forum on Chinese, Western and Marxist Philosophies,” Zhongguo Shehui Kexue [Soc. Sci. China], Vol. 30, No. 3 (Aug.), 151-62.

Zhang, J., 2002, “Capital Formation, Industrialization and Economic Growth: Characteristics of China Structural Reform,” Jinji yanjiu [Economic Research], No. 6.