Final answer:
The Beijing Consensus represents an alternative to the Washington Consensus, focusing on state-led capitalism and flexible, pragmatic economic policies tailored to local conditions, in contrast to the free-market, one-size-fits-all approach of the Washington Consensus.
Step-by-step explanation:
The term 'Beijing Consensus' refers to a model of economic development that is characterized by an emphasis on state-led capitalism, innovation, and gradual reform. It is considered as an alternative to the 'Washington Consensus', which stressed upon the principles of free-market capitalism, with guidelines for economic stability that included fiscal discipline, trade liberalization, and privatization. The Beijing Consensus focuses on pragmatism, where policies are flexible and adapted to local conditions, while also emphasizing strategic sectors under government control and gradual integration into the global economy.
The Beijing Consensus differs from the Washington Consensus in that it allows for a more significant role of the state in guiding the economy and does not uniformly prescribe the same set of economic policies for all nations. It acknowledges the importance of maintaining stability and sovereignty, rather than pushing for swift economic liberalization, which is often a part of the Washington Consensus.
In regards to the impact on international relations, the Beijing Consensus does not prioritize political reforms alongside economic changes, which contrasts with the more democracy-focused approaches often associated with Western institutions adhering to the Washington Consensus.