Economic Reforms in China and Russia Introduction

China and Russia established the two largest centrally planned economies in the twentieth century and now both have moved to a market economy. The Russian Revolution in October 1917 was one of the most astonishing events in its time, influencing China to establish a socialist system in 1949. The eventual failure of their centrally planned systems forced both countries to economically reform and finally switch to a market system. Comparisons of the economic reforms in China and Russia are not only academically interesting, but also instructive for future economic reforms in China, Russia, and other transitional economies.