The emergence of the Chinese economic phenomenon has led to the suggestion that the “Washington Consensus” approach to economic development has been proven wrong. 

Johannes Fedderke

Particular concerns usually follow: conservative fiscal and monetary policy and globalisation are singled out as inimical to economic growth and development. In China we are to see an alternative model of development, more flexible and less fixated on neo-liberal economic dogma. On these views South Africa’s macroeconomic policy is identified as a major constraint on growth. This conception is false.