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The Washington Consensus vs. The Beijing Consensus
The year 2015 marks the seventieth anniversary of the end of World War Two, and it will most likely be a year concerning the governance of the world economy. While the U.S.-led Bretton Woods system, centered around the International Monetary Fund and the World Bank, has long driven the operation and ideals of finance and economy in the post-war world, China and other countries who seek to expand their influence are attempting to revise the means for governing the global economy by establishing systems of their own. One particularly noteworthy development is the Asian Infrastructure Investment Bank (AIIB) proposed by China that is expected to be established during 2015. China proposed the concept for this bank in October 2013. By October 2014, it had signed a memorandum of understanding (MOU) on establishing the bank with twenty nations interested in the concept, with Indonesia announcing ... ... [Read more]
