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The emergence of the Chinese aid consensus has come to have profound implications for sustainability. The Beijing Consensus “sovereignty doctrine” of non‐interference, presents a stark contrast to the Washington Consensus architecture of imposed conditionalities and the serving of geopolitical interests. For this reason, from Africa's perspective, the Beijing Consensus appears to represent the preferred comprehensive meta‐narrative for Africa. The purpose of this paper is to discuss the attributes of “good” aid architecture in relation to the peculiarities of Africa's challenges.

In examining its principles, objectives, framework differences and impact, the Beijing model shows that it supports the human rights which “unleash”, empower and protect self‐directed development grounded in ownership and in the strategic interests of recipients.

The Washington Consensus has been problematic for African development because it is economistic and exclusively instrumentalist. While conceding to this shortcoming, the inability of the consensus to appreciate the unique and complex development problems of Africa is more troubling. Comparing the two, the Beijing Consensus, which is multidimensional and encompasses the intrinsic and non‐economic roles of development aid, with the consequence of over‐emphasizing expanding local policy, is adjudged practical for Africa. The conclusion is that the dominant Washington Consensus is too poorly articulated and structured to respond to declared determination for ownership, mitigating capabilities deprivation, and improving development control.

This paper has argued that the basic approach of the Beijing Consensus has been more generous and more attractive for sustainable development in Africa. Much more important, perhaps, is the ability of the consensus to appreciate the unique and complex development problems which occur as a consequence of donor deafness on limited rights and conditionalities. In sum, the Beijing Consensus results in exclusionary changes of “less magnitude and speed” and promotes poverty reduction and sustainable development. Taken together, these factors and practices mean that the Beijing Consensus best serves the staircase of a nation's pathway to indigenous development, when compared with the Washington Consensus. Such a comprehensive meta‐narrative that builds alliances and creates a foundation for enlightened and effective politics of development aid will “unleash”, empower and protect the full potential of Africa.

There is no clear understanding on the terms and concepts of development, both in the academic literature of tourism and in general. What constitutes “growth”, and what is “development”? The emphasis on mathematical modeling has favored the use of simplifying hypothesis, with dubious practical results for the real problems of development. This chapter discusses the most relevant aspects of theories of development, enunciated at different times in the course of the last two centuries, with the purpose of illuminating different theoretical approaches to analysis and policy formulation that may support actual strategy and practice in tourism.

The purpose of this paper is to discover the contradistinctions between the neoclassical and Keynesian paradigms of economics regarding the Greek Financial Crisis.

The answers to the questions and policies regarding the Greek Financial Crisis cannot be derived by using economic analysis alone; they also depend on the perception of social reality and ethical issues. Based on the assumptions about economic behavior, the answers and policies inevitably reflect the observer's assessment of each economic and non-economic performance dimension, as well as the significance assigned to those performance dimensions. Different views on “social reality” and “what is a good society?” are associated with distinct paradigms and a particular set of social values, which have implications for economic policy formulae. These give rise to alternative answers and policies to the Greek Financial Crisis, based on different assumptions, different methods of analysis and different goals.

Overall, in contradistinction, the two paradigms recommend quite distinct policies tackling the Greek Financial Crisis, and at the end, both paradigms have different perspectives on ethics and moral fundamentals regarding debt.

Students of the global financial crisis will benefit from this unique approach in testing the two alternative paradigms, between the neoclassical and Keynesian, concerning the Greek Financial Crisis.

Do multinational enterprises evolve differently in emerging and developed economies? Although one camp argues that emerging economy multinationals are different from their developed country counterparts owing to the underdeveloped institutions in their home countries, another camp counters that they are the same and the existing international business theories can fully explain their strategies. A third camp suggests a more nuanced perspective by finding value in both approaches. In this introductory chapter, we review this debate and offer new perspectives on how to extend existing theories by accounting for four specific aspects of the home country institutional environments of emerging economies: breadth, depth, timing, and duration of exposure to institutional development. We then discuss how the chapters in this volume extend these ideas.

Throughout Latin America, policy-makers are struggling to reconcile two conflicting political pressures: (i) the push to become more globally competitive on the basis of international assessments such as the Program for International Student Assessment (PISA), and (ii) the simultaneous need to address long-standing, entrenched inequities in both educational quality and access throughout much of the region. This chapter documents how policy-making elites throughout Latin America are trying to address these two goals by incorporating “evidence-based” policy solutions that can be empirically defended as promoting equity. However, scholars throughout Latin America argue that instead of promoting equity, an increasing focus on accountability in educational policy at the national level throughout the region has resulted instead in a shift in priorities from the governance of educational systems to evaluation of those systems, with the state functioning primarily as an Evaluative State. This argument is developed through secondary analysis of the Hispanophone and Lusophone academic education literatures of Latin America, whose robust and rigorous studies of these trends at both national and regional levels remain little explored within the Anglophone academic tradition.

The fatal conceit is the assumption that the world can be shaped according to human desires. This chapter argues that the logic of the fatal conceit can be applied to foreign interventions which go beyond the limits of what can be rationally constructed by reason alone. In suffering from the fatal conceit, these interventions are characterized by: (1) the realization that intentions do not equal results, (2) a reliance on top-down planning, (3) the view of development as a technological issue, (4) a reliance on bureaucracy over markets, and (5) the primacy of collectivism over individualism. These characteristics explain why interventions extending beyond the limits of what can be rationally constructed tend to fail.

The purpose of this paper is to examine the effects of Russian institutional upheavals on industrial development.

The paper uses a longitudinal case study analysis of three Russian pharmaceutical firms exploring the role of state support in developing a self-sustained competitive innovation-dependent industry.

Russia’s shock therapy transition to a newly liberalised economy the 1990s without a supportive institutional framework led to severe setbacks in its modernisation process. A weak institutional context was not conducive to development of its fledgling organisations. In late 2000s, Russian Government initiated large-ranging institutional support in favour of strategic industries. This resulted in a shift from short-term profit-seeking arbitrage strategies to long-term investment strategies towards vertical integration, R&D and human resource development. Findings indicate countries that wish to forge competitive industries need to develop a strong supportive institutional mechanism that allows targeted industries to modernise and compete on a global scale. To ensure the effectiveness of execution of strategic policies, coherent communication channels and collaboration between the industry and the state is necessary.

While research on large emerging economies, such as China and India, is extensive, research on Russia and surrounding states is sparse. Most of the research on Russia is based around large resource-sector organisations. This study is novel in its uncovering various phases of development of an innovation-dependent industry.