Rise of Beijing Consensus?

The current financial meltdown sweeping across the globe may well mark the demise of the so-called "Washington Consensus" on economic development and its displacement by the "Beijing Consensus".

While there have been vigorous debates in academic circles about their respective efficacy, the ongoing financial turmoil seems to favor the Beijing approach.

In recent days, it is China - still a developing country - that is talking about rescuing the United States, the world's economic and military superpower. This is the first time in history that their respective positions have shifted in this manner.