Abstract：

The purpose of this essay is to critically discuss the possibility of convergence and divergence between other countries and the US liberal capitalist model under the context of globalization. The essay argues that although not all countries will inevitably converge to US liberal capitalism, the economic models will merge with each other in the background of globalization. This essay will use China as a specific example for analysis and comparison. The essay is divided into two parts. The first part focuses on the possibility of convergence. The development of globalization and multilateralism has led international relations to become closer, and the substantial economic growth brought about by neoliberalism has attracted global attention. Simultaneously, the decentralization of political power in various countries has contributed to the development model keep consistency because developing countries hope to learn valuable experience from developed countries so compromise their domestic political power for economic gain. The second part is about the potential reasons for the divergence. Neoliberal capitalism is not the only option, and due to its shortcomings, blind convergence may cause a more significant economic crisis. However, the close relations between countries provide valuable experience for countries to learn from each other’s development models. A practical model should incorporate its development after absorbing the experience of other countries. With the development of the times, this new useful model of its advantages combined with other economic systems’ pros can be called the Beijing Consensus or China’s economic model.

Key Words：

potential convergence; divergence; country model