Russia and China's Economic Reform
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This paper compares the economic reforms and the results of those reforms of both Russia and China during the 1990s and analyzes why Russia's economy has made a dismal performance whereas China's has emerged successful. The paper explains that Russia tried a "shock" approach to economic reforms, while China took a more gradual approach to reforms and, perhaps this fundamental difference in approach is the primary reason that one country has done well while the other has suffered. The paper also consider the historical conditions of each country and how these conditions influenced the outcome of the economic reforms as well as how the differences in the allocation of resources affected the economic reforms and their outcome.
From the Paper:"Ever since the beginning of 1990s, the attention of the world has been concentrated on the persistently emerging relationship between the Russian Federation and the People's Republic of China. Much has been authored on the costs and benefits of such relationship and the prevailing analysis already tends to support China as one of the dominating states to come out in the coming decades in comparison to Russia. (Russia and China: Business Partners, Weary Neighbors) Hopefulness over the market restructuring of Russia wiped out with the crash of August 1998, when the ruble depreciated by 70 percent of its value and banks could not settle the debts and endorse currency contracts. In contradiction to the reform assurances by Yeltsin, the Russian economy of the 1990s more closely resembled a Soviet model than a market driven one. (The Logic of Economic Reform in Russia) "
Cite this Comparison Essay:
Russia and China's Economic Reform (2005, September 26) Retrieved January 23, 2021, from https://www.academon.com/comparison-essay/russia-and-china-economic-reform-61298/
"Russia and China's Economic Reform" 26 September 2005. Web. 23 January. 2021. <https://www.academon.com/comparison-essay/russia-and-china-economic-reform-61298/>