Washington Consensus

As neoliberalism loses credibility, the Global South must construct a new development theory rooted in its own experience, centred on production and state capacity rather than market fundamentalism.

This issue of the international edition of Wenhua Zongheng (文化纵横) examines how the Global South can build a New Development Theory grounded in its own practice.

The neoliberal order has failed to deliver prosperity to the Global South. To achieve economic catch-up, a new theory of modernisation is needed, centred on state-led industrialisation, production, and employment.

Since the 1990s, an invisible intellectual architecture has shaped what counts as legitimate economic thought, narrowing debate until it seems like there are no alternatives. Reversing this brain capture is an urgent task.

As the neoliberal world order enters its final chapter, China and Russia’s strategic partnership offers an alternative vision for multipolar global governance, promoting security, development, and civilisation cooperation over unipolar hegemony and liberal universalism.

The US sees the emergence of China and other Asian countries as a ‘fierce competition’. For the Global South, however, these developments bring new opportunities to pursue sovereign development.

As progressive governments take office in the Global South, now more than ever there is a burning need for a new development theory that can fulfil the Promethean aspirations of the darker nations.

The third issue explores the contemporary relationship between China and Africa, with a particular focus on how China can support African efforts to industrialise.