substantially linked with huge capital flight (Boyce & Ndikumana, 2008, 2011; Asongu & Nwachukwu, 2016, 2017; Efobi & Asongu, 2016; Asongu & Amankwah-Amoah, 2017; Asongu, 2014b), the priority of infrastructural provision by the African Development Bank broadly substantiates the conjecture. A fundamental assumption of the Moyo conjecture is that the WC is more sustainable than the BM because inequality has increased more with the BM than with the WC. Hence, according to the idea, the WC is more inclusive than the BM. But the relevance of this paradigm has two main shortcomings. First, Piketty (2014) has debunked the Kuznets (1955) inverted u-shaped relationship between industrialization and inequality which is an underlying assumption of the conjecture. Second, even without Piketty (2014), based on an exclusive Kuznets’ perspective, inequality in China would fall with the evolution of industrialization. Addressing these two highlighted issues is an interesting agenda for further research. 4. Concluding implications, caveats and future research directions There is an evolving stream of literature on the false economics of preconditions for policy-making in the African context (Monga, 2014). There is also a growing paradigm shift from the previously dominant Washington Consensus (WC) to multi-polar development strategies which include the Beijing Model (BM). A recent example illustrating this shift from the WC is a consensus by the BRICS (Brazil, Russia, India, China & South Africa) 6 It is important to balance this narrative with the relevant critique by Sen (1999) about free press and democratic processes that would address the risk of famine, especially in contrast with the Chinese experience. Sen’s position also contrasts with Moyo (2018) who advocates that democracy is failing to deliver economic development.
16 nations on the 15 th of July 2014 which resulted in the creation of a New Development Bank (NDB) to complement mainstream financial institutions advancing the agenda of the WC (Khanna, 2014; Griffith-Jones, 2014). Reconciling the two dominant development models of the WC and BM remains a critical challenge in the literature. The challenge is even more demanding when emerging development paradigms like the Liberal Institutional Pluralism (LIP) and New Structural Economics (NSE) schools have to be integrated. While the latter has recognized both State and market failures but failed to provide a unified theory, the former has left the challenging concern of how institutional diversity affects the development process. We synthesize perspectives from recently published papers on development and Sino-African relations in order to present the relevance of both the WC and BM in the long-term and short run, respectively. While the paper postulates for a unified theory by reconciling the WC and the BM to complement the NSE, it at the same time presents a case for economic rights and political rights as short-run and long-run development priorities, respectively. By attempting to reconcile the WC with the BM, the study contributes at the same to macroeconomic NSE