RoleyPrivatization

RoleyPrivatization - The Move to Privatization China and...

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    The Move to Privatization China and Russia Donald Roley
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    Overview Brief History of both Countries Economic history Political history Demographic/ Geographic Overview Countries in transition Economic Outlook
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    The History of Russia/USSR Tsarist rule ended with Nicholas II in 1917 The USSR was formerly created in 1922 under Lenin Stalin replaces Lenin NEP is replaced with “Five Year Plan” Mikhail Gorbachev stepped into a system that remained virtually unchanged for 60 years!
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    History of China Founded in 1949 as the PRC Under Mao Zedong China undergoes several revolutions Great Leap Forward of the late 50’s Cultural Revolution of the late 60’s Mao’s death in 1976 marked the period of real transformation 1978 saw the shift from a command economy to a mixed one
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    Countries in transition: Russia The move from planned to market economy was abrupt They had to quickly accomplish the move “If there was no breakthrough…in the near future, the entire process could be stalled…”(Sachs) There were social/political motives as well Immediately started the voucher program This successfully privatized 70% of medium and large enterprises and 90% of smaller ones
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    Countries in transition: Russia Problems with the voucher system One voucher = one bottle of vodka There was still a distrust of Capitalist institutions Public auctions were run by the bank
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RoleyPrivatization - The Move to Privatization China and...

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