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Unformatted text preview: export earnings have allowed Russia to increase its foreign reserves from $12 billion in 1999 to over $315 billion at the year-end of 2006. Both countries began as communist countries with a communist economy. Over the years, communism has remained but the economy has changed. Chinas process of slowly integrating free-market values into their system proved extremely successful in terms of profit. As a very traditional country, it modernized itself slow enough to withstand the transition and earlier enough to reap the benefits of capitalism. Russias rapid transformation proved to be galvanizing, leaving its rulers with one choice shock therapy. While the country was dealing with the Cold War, Russia was not economically prepared to join the global free-market. The conversion proved to stressful for Russias underdeveloped economic infrastructure. With debt and economic aid, Russia emerged through adversity, though it was a long journey filled with hardship....
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This note was uploaded on 01/23/2011 for the course POLT 380 taught by Professor Siggelakis during the Spring '10 term at New Hampshire.
- Spring '10