Economic Reform Outcomes in China and Russia Literature review - 5

Economic Reform Outcomes in China and Russia - Literature review Example Of all the reforms that took place in the twentieth century, the ones that took place in China and Russia are known to have been the most dramatic. During the first half of the twentieth century, both countries had communist economic systems. However, it was during the latter half of the 29th century that both countries start formulating reforms that were aimed at changing the manner in which their economies functioned. However, a difference in the exact date in which the reforms commenced in both countries existed. In China, the economic reforms commenced in the late 1970s, while in Russia they commenced in the early 1990s.   However, a notable difference exists at the pace in which the reforms were developed and enacted in the two countries (Lin & Tsai 2004, p. 34). In Russia, the market-oriented reforms were developed quickly, and enacted at the same pace, while in China the whole process of bringing the reforms was a little bit gradual. There are a number of factors that can be said to have contributed to the difference in pace at which the economic reforms took place in China and Russia.                                                                                         One of the things that are believed to have contributed to the difference in the pace of the economic reforms between China and Russia is the fact that China was reluctant to adopt foreign technology especially those from the west. At the beginning of the reforms, China mainly depended on the technologies that were locally available. This made it hard for the country to benefit from the technological advancements that were experienced in Europe, especially during the early stages of the reforms. Russia on the other side was willing to adopt new technology from all over the world as long as the technology being adopted was beneficial to the Russian economy in one way or another (Lin, Cai & Li 2009, p. 325). They made sure that their economy was open to new ideas at the early stages of the reforms making it easier for the reforms to have brought the changes that were experienced in their economy in such a short period.