ABSTRACT
Western multinational corporations on the global scale and American dominance of the international economic order through the US dollar and its veto power in the World Bank and the IMF. Politically, globalization is manifest in the spread of Western political values such as democracy and human rights clothed as universal values. Culturally, globalization is manifest in the spread of Hollywood movies and the English language (Dan, 2006: 262-4). China’s rise (and what former Timemagazine reporter Joshua Ramo calls the Beijing Consensus) may pose a potent challenge to the Western capitalist model of economic development epitomized by the Washington Consensus. For example,WangHui, awell-knownmember of the so-called new left-
ist group, argues that China’s economic model may be applicable to the economic development of other third world countries. He believes that the Chinese model has two important and distinct dimensions that have made Chinese economic development successful. First, China has a strong and autonomous state insulated from both social forces and the pressure of international capital. As such, it is less vulnerable to the political manipulation of the economy so prevalent in third world countries. This legacy of economic planning has enabled the government to develop a strategic vision for China’s economic development (Wang Hui, 2010: 24-8). Second, China has not formed any alliance relationships with other countries since 1978. This gives China the flexibility to maintain a good relationship with the West for market access and technology, while keeping good relationships with third world countries. China’s strong state and national independence have enabled it to negotiate with international capital and the Western countries for economic dealing from a strong position, which has allowed China to avoid the economic mishaps so prevalent in many third world countries (Wang Hui, 2010: 29-35).
