1. Planned Economy to Market Economy - China and the Soviet Union
... coined by Milton Friedman who recommended the use of ˜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 ... Party managed to continuously bring people out of poverty and achieved unsurpassed double digit GDP growth. In comparison to the sudden plummet in government expenditure in Russia, the Chinese government adopted a v...
- Word Count: 1874
- Approx Pages: 7
- Has Bibliography
- Grade Level: Undergraduate