REPERCUSSIONS OF ECONOMIC TRANSITION IN RUSSIA AND CHINA

Nora Mustac ()
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Nora Mustac: University of Zagreb

Economic Thought and Practice, 2017, vol. 26, issue 2, 883-895

Abstract: Paper explores the repercussions of post-socialistic transition shown in the standard of living in Russia and China. Aside from the economic transition, Russia passed through political transition regarding transition to democratic multiparty system, unlike China. Transition from the planned to market economy in Russia was followed by the Soviet Union crash. Gradual and slow transition reforms started in China ten years later than Russia, in 1970s, while Russia obeyed MMF and World Bank proposals in 1990s which proposed fast and radical reforms, also known as shock therapy. This paper explains similarities and differences between economic transition in Russia and China and shows key factors which caused different transition consequences in these countries, such as initial conditions, political leadership and empirically based pace of reforms.

Keywords: Economic transition; Russia; Chiba; standard of living; Shock therapy; Gradual reforms (search for similar items in EconPapers)
JEL-codes: I31 P21 P51 (search for similar items in EconPapers)
Date: 2017
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