In the 80s, the world was talking about Japanese miracle and this refers to the Japanese phenomenal economic recovery that followed the devastation of the 2nd world war (Vestal, 55). Nonetheless, it can be noted that within a few years of its capitulation, Japan had joined the community of successful nation (Vestal, 43).
Therefore in economic terms, Japanese recovery was miraculous after being destroyed by the US (Huber, 28). On the other hand, the Chinese consensus or the Chinese model refers to the rapid development that has been witnessed in China over the last few years. Nonetheless, the term Chinese model has been widely used by several foreign scholars in reference to the international praise of the country since the nation has been able to open a unique path of development and hence superseding a lot of the countries and becoming the 3rd largest economy in the world (Huber, 40).