Chinas Distinctive System: can it be a model for others - Essay Example

Download file to see previous pages In the past thirty years China’s economy has continuously gone through unique alterations with aims toward improvement in order to reach new levels of financial success. The transition of China towards industrialization has made way for the leaders in China to consistently reform economic policies that have set the country on the path to achieving long-term growth. The industrialization of China was a major turning point in the abilities of policy makers, which also led to a turning point in the overall policy making of developing countries, due to the fact that the “Washington Consensus” was the go-to approach for developing countries to implement strategies to sustain growth. The evident success that China has seen using their own unique approach has granted Chinese policy makers great recognition, and the term of their approach has been deemed the “Beijing Consensus”. China’s unique ability to venture away from the traditional approach, taken by developing countries, has created a rising interest in whether or not this strategy could be successfully demonstrated in other growing countries like itself. Barry Naughton’s article, “China’s Distinctive System: can it be a model for others?” details the unique qualities of China’s economic system and explores how the applicability of said system may or may not be possible in other developing countries. ...Download file to see next pagesRead More