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Unformatted text preview: Carter Whittington Jordan Radke Soci 415 4 November 2011 Reading Notes 11/4 In Chapter 15 McMillan discusses what we can learn from the economic reform in the 1980’s and 1990’s in countries like Russia and China where the markets were created from scratch after communism and Britain and New Zealand in which an expansion of privatization and deregulation occurred. More specifically, the article compares the differences between New Zealand, Russia, and China in terms of their market reformation to show what it takes to build well-functioning markets. New Zealand is a case of “shock therapy” meaning that reform happened rapidly, thus it is an interesting case to look at according to McMillan. For the first 8 years it had no economic growth and inequality grew along with homelessness, poverty, and unemployment. However, by the 1990’s New Zealand began to see the intended affects and a great improvement in its economy. Labor, capital, and natural resources came under better and more efficient management economy....
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- Spring '09