Economics and Politics of the Great Change: Mikhail Gorbachev versus Deng Xiaoping
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Abstract
In the history of mankind, there has never been a case where, in a brief episode of the life of one generation, mutual economic relations have changed on such a large scale for so many people as they did in China and Russia in 1989-2020. Both countries are undergoing profound structural and institutional changes, but while the former recorded impressive results in terms of developing and catching up with advanced economies, the latter’s achievements have been very modest. This happened due to many factors – from the traditional cultural heritage to geopolitical conditions, from the legacy from the previous state socialism to different natural resources bases – however, the nature and duration of the political leadership of Deng Xiaoping in China and Mikhail Gorbachev in Russia were of fundamental importance. Without taking into account the influence of the thoughts and actions of these two statesmen, it is impossible to understand the essence of tectonic changes that have occurred in the world economy recently.
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