The Collapse Of Russia And China Essay

1424 Words Dec 5th, 2016 6 Pages
The beginning of globalization in the 1980s-90s occurred simultaneously with the shift in China and Russia from a central planning economy to a trade-driven market economy. The Chinese leadership consciously embraced globalization, and saw it as an opportunity rather than a threat. The reaction in Russia was not like that of China, since during the 1990s Russia seemed to be suffering from the impact of globalization. Both Russia and China have emerged from the transition to global capitalism as stronger and more stable states. Yet neither of them has fully embraced the values and institutions of the “Washington Consensus” – the acceptance of the best economic policy being one of free trade, floating exchange rates, free markets and macroeconomic stability. Both Russia and China have emerged from the transition to global capitalism as stronger and more stable states, yet China’s transition away from state socialism is generally considered a success, while Russia’s is generally considered a failure. Both are large autonomous countries with strong state traditions. They both adopted communist systems in the 20th century after turning their backs on the global capitalist system. They both had a legacy of a strong central state with a distinct identity and legitimacy. They, also, both had weak traditions of civil society. The state went about as a watchman for their exchanges with the outside world, which was viewed as unfriendly and debilitating. Both had been subject to…

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