A discussion regarding socialist economies that are in a transition from a controlled, centralized planning economic model to a decentralized capitalist economic model.
Written in 2006; 1,350 words; 1 sources; $ 53.95
Paper Summary:
This paper reviews the term "transition economies" which defines those socialist command economies that, in the late 20th and early 21st centuries, attempted a transition from a state controlled, centralized planning economic model to a decentralized capitalist economic model. The paper lists these transition economies as being Russia, Poland, China and Vietnam. Transition economies are generally classified under one of two categories: the shock model and the gradualism model. The paper further discusses how these categories refer to the rate of economic and political change in these societies during their transitional periods. States that applied the gradualism model include Poland and China, while the shock model is commonly applied to cases such as that of Russia.
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