The Impact Of The Financial Crisis On Development Thinking

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Executive Summary

A major impact of the crisis has been to discredit Western views of development - what the author once tried to summarize under the somewhat unhappy term of the "Washington consensus" - and to fortify what has sometimes been referred to (by Westerners rather than the Chinese) as the "Beijing consensus" instead. Hence the first theme of this lecture is the contrast between mainstream Western versus Chinese views: which has delivered the goods up to now, what the contrasts are, and which holds more promise for the future.

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