The Washington Consensus is not what it was. A model of development associated
with the Untied States, it has been diminished both by apparent failures,
widespread criticism and by the recent economic crisis that had its origins in the
US. Anglo-American capitalism has lost a good deal of its influence and attractiveness.
As a consequence, alternative models of development have become more
prominent, especially the so-called Beijing Consensus. The authors argue that at
one level this evolving policy discourse and debate reflects a long-term structural
change in the relative positions of China and the United States. However, it is
far from clear that this transformation has gone far enough to underpin a significant
ideational or policy challenge on China’s part. On the contrary, the debate
in China demonstrates that there is little appetite for, or expectation of, a major
paradigm change in the near future.