1. Planned Economy to Market Economy - China and the Soviet Union
... shock therapy' to make a sudden and radical transition within a few years (Kotz, 2000). It calls for a minimal government during the process, leaving almost everything to the rational agents in the economy. NTLS is very dependent upon economic liberalisation, removing as much as state intervention as possible such as price control; stabilisation, maintaining market order by controlling high inflation caused by marketisation ... a complete elimination in 1992 (Kotz, 2000). Monetary supply decreased significantly from 100 per cent of 1990's nominal GDP to about only 16 per cent in four yea...
- Word Count: 1874
- Approx Pages: 7
- Has Bibliography
- Grade Level: Undergraduate