Evaluation of Washington's ****ing Sense

While the "Washington ****-sense" has become the dominant global concept of development, it is still not immune to the challenges of other ideas. The main challenges come from two aspects: the first is "European values", and the second is "post-Washington". "European values" are based on traditional European social democratic values, emphasizing economic growth while advocating human rights, environmental protection, social security and fair distribution. However, in the past two decades, European welfare social capitalism has been at a disadvantage in the competition with American and British free-market capitalism, and European countries have been moving closer to the "Washington **** Sense" in terms of policy orientation. Therefore, the challenge of "European values" to "Washington **** knowledge" is weak. A more powerful challenge to the "Washington **** knowledge" is the "post-Washington **** knowledge" put forward by a group of Western scholars represented by the American economist Stiglitz. The "post-Washington" mentality emphasizes the institutional factors associated with development, which is not only about economic growth but also about the comprehensive transformation of society. Therefore, "post-Washington *** knowledge" is not only concerned about growth, but also poverty, income distribution, environmental sustainability and other issues, it also from the information asymmetry, pointing out that market forces can not automatically achieve the optimal allocation of resources, recognizing the positive role of the government in the promotion of development, and criticizing the International Monetary Fund in the Asian financial crisis before and after the advocate of privatization, capital account, the capitalist economy, the financial crisis, and the development of the world's largest economy. It also recognizes the positive role of government in promoting development and criticizes the privatization, capital account opening and economic austerity policies advocated by the IMF before and after the Asian financial crisis.

However, both "European values" and "post-Washington" have not challenged "Washington" enough. In contrast, it is the Beijing ****sense, backed by sustained economic growth, that is most likely to create a new and powerful challenge to the Washington ****sense.