Washington Consensus, Neo-Liberalism and Beyond: Does Beijing Consensus Break the Routine?

Yıl 2019, Cilt: 14 Sayı: 55, 299 - 317, 31.07.2019

Mehmet Ozan Saray

https://doi.org/10.19168/jyasar.540111

Öz

The Bretton-Woods
institutions which were established after the Second World War and the
neo-liberal policies adopted in 1980s known as the Washington Consensus were
exposed to significant critics after the 2008 global financial crisis. Even
though the Washington Consensus and the policies implemented have increased the
profitability, they caused serious problems such as crises, disruptions in
income distribution and inequalities. This than, led to the persistence of
underdevelopment. In contrast to these policies, China and other Asian
countries, following an alternative policy mix which is based on intensive
intervention of government, have achieved extremely rapid growth rates and
industrialization with a more equal income distribution. The validity and
impacts of the Chinese model, which later called the Beijing Consensus, for
emerging and middle income economies are still debated. The main aim of the
study is to compare the Washington Consensus with Beijing Consensus within the
context of emerging and middle income economies. The study also discusses the
possible returns and future of Beijing Consensus.

Anahtar Kelimeler

Washington Consensus, Beijing Consensus, Neo-Liberalism, Global Financial Crisis

Washington Uzlaşısı, Neo-Liberalizm ve Sonrası: Pekin Uzlaşısı Ezber mi Bozuyor?

Öz

İkinci
dünya savaşının hemen ardından kurulan Bretton-Woods kuruluşları ve 1980
sonrasında uygulanan Washington Uzlaşısı genel adıyla bilinen neo-liberal
politikalar, 2008 küresel finans krizi sonrasında önemli itirazlara maruz
kalmıştır. Washington Uzlaşısı ve beraberinde uygulanan politikalar
karlılıkları yükseltse de krizler, gelir dağılımı eşitsizlikleri ve az
gelişmişliğin sürmesi sorunlarına neden olmuştur. Oysa ki Washington Uzlaşısı
politikalarının aksine devletin yoğun müdahalesine dayanan alternatif bir
politika izleyen Çin ve diğer birtakım Asya ülkeleri hızlı bir büyüme,
sanayileşme ve gelir dağılımındaki adaletsizlikleri düşürebilme başarısını
yakalamışlardır. Sonrasında Pekin Uzlaşısı olarak adlandırılan Çin modelinin
gelişmekte olan ülkeler için geçerliliği ve etkileri halen tartışılmaktadır.
Çalışmanın temel amacı Washington Uzlaşısı
ile Pekin Uzlaşısının gelişmekte olan ülkeler bakımından karşılaştırmasını
yapmaktır. Bu çerçevede Pekin Uzlaşısının olası getirileri ve geleceği de
tartışılmıştır.

Anahtar Kelimeler

Washington Uzlaşısı, Pekin Uzlaşısı, Neo-Liberalizm, Küresel Finans Krizi

Kaynakça

• Aburaki, K. 2013. China’s Competitiveness Myth, Reality, and Lessons for the United States and Japan. Washington DC: Center for Strategic & International Studies.
• Akyüz, Y. 2011. “Export Dependence and Sustainability of Growth in China”. China & World Economy, 19(1): 1-23.
• Arifin, B. (2017). The Failure of the Washington Consensus, the Need for a New Reform and the Rise of the Beijing Consensus. AEGIS: Journal of International Relations, 1(2), 118-130.
• Arısoy, E., Bayar, G., & Soranlar, B. 2004. “Asya’nın Devi: Çin Halk Cumhuriyeti”. [In Turkish]. Dış Ticaret Dergisi, 32: 1-17.
• Atkinson, A. B., Hasell, J., Morelli, S., & Roser, M. 2018. “The Chartbook of Economic Inequality”. Retrieved December 9, 2018, from https://www.chartbookofeconomicinequality.com.
• Bakir, E., & Campbell, A. 2016. “Kalecki and the Determinants of the Profit Rate in the United States”. Review of Radical Political Economics, 48(4), 577–587.
• Birdsall, N. 2012. “The Global Financial Crisis the Beginning of the End of the “Development” Agenda?”. Center for Global Development (CGD) Policy Paper 003.
• Breslin, S. 2018. “Fitting China into the Debate”. In Revisiting the developmental state. (7-8) SPERI Paper no. 43.
• Bureau of Economic Analysis (BEA). 2018. “National Data GDP&Personal Income”. Retrieved November 6, 2018 from https://apps.bea.gov/itable/index.cfm.
• Carchedi, G., & Roberts, M. 2013. “The Long Roots of the Present Crisis: Keynesians, Austerians, and Marx's Law”. World Review of Political Economy, 4(1), 86-115.
• Celasun, M., & Rodrik, D. 1989. “Debt, Adjustment, and Growth: Turkey”. In J. D. Sachs, & S. M. Collins, (Ed.). Developing country debt and economic performance Volume:3 Country studies-Indonesia, Korea, Phillippines, Turkey (s. 615-768). Chicago and London: University of Chicago Press.
• Cornia, G. A. 2014. “Recent distributive changes in Latin America: An overview”. In G. A. Cornia (Ed.). Falling inequality in Latin America: Policy changes and lessons (3-22). New York: Oxford University Press.
• Curran, E. 2018. “China’s Debt Bomb”. Retrieved October 10, 2018, from https://www.bloomberg.com/quicktake/chinas-debt-bomb.
• Desai, M. (2018). Küresel ekonomi tekrar çökecek mi? (Ç. T. Çolak, Çev.)[In Turkish] İktisat ve Toplum 95: 4-6.
• Dos Santos, T. (2010). Development and Civilisation. Social Change, 40(2): 95-116.
• Feng, C., Wang, M., Liu, G.-C., & Huang, J.-B. (2017). “Sources of Economic Growth in China from 2000–2013 and its Further Sustainable Growth Path: A Three-Hierarchy Meta-Frontier Data Envelopment Analysis”. Economic Modelling, 64: 334-348.
• Galchu, J. 2018. “The Beijing Consensus versus the Washington Consensus: The Dilemma of Chinese Engagement in Africa”. African Journal of Political Science and International Relations, 12(1): 1-9.
• He, C. 2016. “Economic Transition, Urban Dynamics, and Economic Development in China: An Introduction to the Special Issue”. Growth and Change, 47(1): 4-8.
• Hsieh, C.-T., & Klenow, P. J. 2009. “Misallocation and Manufacturing TFP in China and India”. The Quarterly Journal of Economics, 124(4): 1403-1448.
• Huang, Y. 2016. “Understanding China's Belt & Road Initiative: Motivation, Framework and Assessment”. China Economic Review, 40: 314-321.
• International Labour Organization (ILO). 2018. “ILO Statisticts and Databases, Labour Income Share in GDP”. Retrieved 6 November, 2018, from https://www.ilo.org/ilostat.
• International Monetary Fund (IMF). 2011. “Global Challenges, Global Solutions” – an Address at George Washington University by Dominique Strauss-Kahn, Managing Director, Retrieved January 02, 2018 from https://www.imf.org/en/News/Articles/2015/09/28/04/53/sp040411.
• International Monetary Fund (IMF). 2018. Fiscal Monitor: Capitalizing on Good Times. Washington, DC: International Monetary Fund, Publication Services.
• Jones, P. 2013. “The Falling Rate of Profit Explains Falling US Growth”. 12th Australian Society of Heterodox Economists Conference, 2-3 December.
• Kennedy, S. 2010. “The Myth of the Beijing Consensus”. Journal of Contemporary China, 19(65): 461-477.
• Kurtoğlu, Y. 2015. “China, From Catch-up Growth to Innovation-Driven Economy”. Chinese Business Review, 14(10): 499-512.
• Li, X., Brødsgaard, K. E., & Jacobsen, M. 2009. “Redefining Beijing Consensus: Ten Economic Principles”. China Economic Journal, 2(3): 297-311.
• McMillan, M., Rodrik, D., & Verduzco-Gallo, I. 2014. “Globalization, Structural Change, and Productivity Growth, with an Update on Africa”. World Development, 63: 11-32.
• Naim, M. 2000. “Fads and Fashion in Economic Reforms: Washington Consensus or Washington Confusion?” Third World Quarterly, 21(3): 505-528.
• Nakagane, K. 2000. “SOE Reform and Privatization in China A Note on Several Theoretical and Empirical Issues”. CIRJE-F-95. Retrieved February 12, 2019 from https://core.ac.uk/download/pdf/6341591.pdf.
• Öniş, Z. 2017. “The Age of Anxiety: The Crisis of Liberal Democracy in a Post-Hegemonic Global Order”. The International Spectator, 52(3): 1-18.
• Öniş, Z. 2018. “The ‘Beijing Consensus’ and Prospects for Democratic Development in China and Beyond”. In Revisiting the developmental state. (9-10). SPERI Paper No. 43.
• Ouyang, P., & Yao, S. 2017. “Developing inland China: The role of Coastal Foreign Direct Investment and Exports”. The World Economy, 40(11): 2403-2423.
• Peerenboom, R., & Bugaric, B. 2015. Development After the Global Financial Crisis: The Emerging Post Washington, Post Beijing Consensus”. UCLA J. Int'l L. Foreign Aff. 19: 89-112.
• Pettis, M. 2013. The Great Rebalancing: Trade, Conflict, and the Perilous Road Ahead for the World Economy. Princeton and Oxford: Princeton University Press.
• Ramo, J. C. 2004. The Beijing Consensus. London: Foreign Policy Centre.
• Reinhart, C. M. 2018a. “The Curious Case of the Missing Defaults”. Journal of International Money and Finance.
• Reinhart, C. M. 2018b. “Exposing China's Overseas Lending”. Project Syndicate. Retrieved November 12, 2018, from https://www.project-syndicate.org/commentary/china-opaque-foreign-development-loans-by-carmen-reinhart-2018-10.
• Reinhart, C. M. 2019. “Financial Crises: Past and Future”. Business Economics. https://doi.org/10.1057/s11369-018-00113-4.
• Reinhart, C. M., Reinhart, V. R., & Trebesch, C. 2017. “Capital Flow Cycles: A Long, Global View”. 18th IMF Jacques Polak Annual Research Conference: “The Global Financial Cycle”. Washington DC.
• Lawder D. 2018. “IMF to Seek 'Absolute Transparency' Of Pakistan's Debts in Bailout Talks”. Reuters. Retrieved October 21, 2018 from https://www.reuters.com/article/us-imf-worldbank-pakistan-talks/imf-to-seek-absolute-transparency-of-pakistans-debts-in-bailout-talks-idUSKCN1ML0W1.
• Roberts, K. M. 2014. “The politics of Inequality and Redistribution in Latin America's Post-Adjustment Era”. In G. A. Cornia (Ed.). Falling inequality in Latin America: Policy changes and lessons. (49-69). Oxford: Oxford University Press.
• Rolland, N. 2015. “China’s New Silk Road”. The national bureau of Asian research.
• Rudai, Y. 2015. “Study on the Total Factor Productivity of Chinese Manufacturing Enterprises”. Economic Research Journal, 2: 61-74.
• Saray, M. O., & Gökdemir, L. 2007. “Growth Stages of Chinese Economy (1978-2005)”. [In Turkish]. Journal of Yasar University, 2(7), 661-686.
• Şen, A. 2005. “Washington Consensus and the Problems of Developing Countries: A Critical Assessment” [In Turkish]. Süleyman Demirel Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 10(2):181-200.
• Sönmez, M. 2009. 100 Soruda küresel kriz ve Türkiye. [In Turkish]. Alan Yayıncılık: İstanbul.
• Sönmez, S. 2017. “Choosing the Consensus for Sustainable Economic Development”. In Book of Proceedings 5th International Conference on Sustainable Development ICSD, 6-7 September 2017 (105-119). Rome, Italy: European Center of Sustainable Development.
• Stiglitz, J. 2003. “Challenging the Washington Consensus”. The Brown Journal of World Affairs, 9(2): 33-40.
• Stiglitz, J. E. 2007. “The Post Washington Consensus Consensus. Initiative for Policy Dialogue Working Paper”. Retrieved September 23, 2018, from http://policydialogue.org/files/publications/papers/Ch_4.pdf.
• Strauss, D. 2018. “IMF Faces China Debt Dilemma as Low Income Nations Seek Help”. Financial Times. Retrieved December 15, 2018 from https://www.ft.com/content/6a0002ba-ecd9-11e8-89c8-d36339d835c0.
• Su, Y., & Liu, Z. 2016. “The Impact of Foreign Direct Investment and Human Capital on Economic Growth: Evidence from Chinese Cities”. China Economic Review, 37: 97-109.
• Swaine, M. D. 2015. “Chinese Views and Commentary on the ‘One Belt, One Road’ Initiative”. China Leadership Monitor, 47(2).
• The World Bank. 2019. “The World Bank in China”. Retrieved January 2, 2019 from https://www.worldbank.org/en/country/china/overview.
• Udland, M. 2015. Here's a Chart of Interest Rates Since 3000 BC”. Business Insider. Retrieved May 5, 2018 from https://www.businessinsider.com/interest-rates-since-3000-bc-2015-2.
• University of Texas Inequality Project (UTIP). 2019. Retrieved January 5, 2019 from https://utip.lbj.utexas.edu/data.html.
• Van der Putten, F.-P., Huotari, M., Seaman, J., Ekman, A., & Otero-Iglesias, M. 2016. “The Role of OBOR in Europe–China Relations”. In F.-P. v. Putten, J. Seaman, M. Huotari, A. Ekman, & M. Otero-Iglesias (Eds.). Europe and China’s New Silk Roads. (1-10). the European Think-tank Network on China (ETNC).
• Vasquez, I. 1996. “The Brady Plan and Market - Based Solutions to Debt Crises”. Cato Journal, 16(2): 233-244.
• Wang, Y., Ning, L., Li, J., & Prevezer, M. 2016. “Foreign Direct Investment Spillovers and the Geography Of Innovation in Chinese Regions: The Role of Regional Industrial Specialization And Diversity”. Regional Studies, 50(5): 805-822.
• Williamson, J. 1990. “What Washington Means by Policy Reform?”. In J. Williamson (Ed.). Latin American adjustment: how much has happened? Washington DC: Institute for International Economics.
• Williamson, J. 2009. “A Short History of The Washington Consensus”. Law and business review of the Americas, 15(7): 7-24.
• World Development Indicators (WDI) Online Databank. 2019. Retrieved January 5, 2019, from https://databank.worldbank.org/data/reports.aspx?source=World-Development-Indicators.
• World Trade Organization (WTO) 2018. Statistics Database, Retrieved April 03, 2018 from http://stat.wto.org/Home/WSDBHome.aspx?Language=E.