Description

Both Russia and China moved away from centrally planned economy to a market based one. Russia followed the Shock Therapy' dominated by rapid privatization under Yeltsin whereas China's approach to economic reform was gradual and evolutionary, under an authoritarian political system in conditions of stability. The important question which looms over is: why such large differences existed in the outcome of the reforms in both the countries? The book tries to answer this and delves into the reform process in both the countries which is inextricably linked to the political and economic factors of the two countries. The book presents the case study of Russia and China which are of utmost significance as they are mammoth economies which underwent metamorphic economic transformation from communist economies to market economies.