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To what extent are the different economic reform outcomes in China and Russia (or plus Eastern Europe) due to the pace of reform - Essay Example

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The most prominent events in the contemporary international political economic system are the set of economic and political reforms that took place in the two communist giant nations, China and Russia. Both the countries undertook transformation from a planned to a market…
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To what extent are the different economic reform outcomes in China and Russia (or plus Eastern Europe) due to the pace of reform
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To what extent are the different economic reform outcomes in China and Russia (or plus Eastern Europe) due to the pace of reform

Download file to see previous pages... Thus, with the help of liberal policies, these economies significantly progressed and grown to match up the growth of the western developed nations. The reform in China had taken place in 1978 but in Russia it took place in 1991. This essay tries to enumerate the contrasting reforming strategies undertaken in Russia and China. The essay will also elaborate the economic outcomes of the reforms. The reforms of China and Russia were both considered to be Communist reforms but the outcomes of the reforms were different in the two countries. After the demise of communism, the reforms of Russia took place at a relatively faster rate. However, in China, the free market oriented reforms took place gradually over years (Eich, Gust and Soto, 2012, p.5-8). The communist government of China has tackled these reforms over years. Thus, it is highly rational to analyze the causes and outcomes of the different pace based reforms in the two countries (Hanson and Teague, 2013, p.3-4).
The centrally framed Five-Year plan model of China (1953-1957) was gradually abandoned in 1978, when the country transformed itself into a free market economy. The reforms were undertaken by the Chinese Communist Party for improving the competency of the Chinese economy in terms of a fourfold modernization path. The head of the Communist Party, Premier Zhou Enlai, had claimed that the reforms had aimed to improve the agricultural, industrial, service and technology sectors of the country (Eich, Gust and Soto, 2012, p.9). The first reform in China took place from 1966 to 1976, it was known as the Cultural Revolution. The reform was undertaken for improving the social status of the people of China. Ruthless political power and control imposed on the Chinese individuals were removed through this reform. The second phase of reform took place in 1970, when the officials of the central planning system complained about the inefficiency and weakness of the system (Joshua, ...Download file to see next pagesRead More
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