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Why Beijing Consensus Has Become an Attractive Political Economy Paradigm for Many Developing Countries in Preference to Washington Consensus.

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Why Beijing Consensus Has Become an Attractive Political Economy Paradigm for Many Developing Countries in Preference to Washington Consensus.
The United States (US) economy is currently in a tensed situation. Always being seen as the super power among all countries might not be the same case anymore recently. Lots of reason had piled up that causes her decline throughout the years. There is a lot of different kind of factor that is able to determine and compare which country economy is stronger than the other. Comparing at the Gross Domestic Product (GDP) gives a clearer view of the value of all final goods and services produced within a nation in a given year. By looking at the first quarter of 2012, US had grew 2 percent and in the second quarter of the year, 1.7 percent. (Larry 2012) Looking at a country unemployment rate will also be another way that reflects the economic status of a country. US has 7.9 percent unemployment rate, which is considered very high for a developed country. (The Associated Press 2012) Economist even predict that US economy will be going from bad to worst and there might be a possibility that it will fall back into recession over the next few years. (Patrick 2011) In general, the US economy is very weak. On the other side of the note, China economy is growing rapidly fast and steady. Comparing their GDP growth for the first quarter of year, it was 8.1 percent and the second quarter, 7.6 percent. (Larry 2012) With such a big difference in their GDP, China is surely growing a lot faster than the US. Adding on, looking at their unemployment rate, with 6.5 percent, it clearly shows that their economy is much more stable than the US. China economy had been improving in an unbelievable speed. Economist had also state that China will soon overtake US in the next four years which is by 2016, and becoming the largest economy player in the market. (Josephine 2012) Soon it might be time for the west to retire her position as the super power and let another rising power to have her position.
Despite their current economy situation, there is another component that differentiates the


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