The Rise of the Beijing Consensus
Although China is often said to lack “soft power,” many of its ideas on economics and governance are coming into ascendance. Indeed, in pursuit of national economic stability, the Obama administration is clearly moving towards the kind of government intervention that China has been promoting over the past two decades.
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BRUSSELS – President Barack Obama’s first appearances outside North America – in London, Strasbourg, Prague, and Istanbul – galvanized world attention. But what that trip singularly failed to do was paper over a startling fact: the “Washington Consensus” about how the global economy should be run is now a thing of the past. The question now is what is likely to replace it.