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Instead Of Capitalism Vs. Socialism: A Proportion-Seeking Review Of Two Contemporary Approaches In China And Russia

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  • Gregory Sandstrom

Abstract

Some people hold that the 20th century's Cold War was effectively between two supersystems, named 'capitalism' and 'socialism' and that the fall of the Berlin Wall and the end of the Soviet Union signified a practical and theoretical victory of one over the other. Others insist that democracy was present in various ways in both systems and suggest that the world financial crisis of 2007-2008 and current turbulent situation are making us rethink how 'victorious' one system actually was over the other and whether or not a better balance can be found between two extremes. This paper seeks a middle way by exploring the possibility of finding harmony between 'Eastern' and 'Western' ideas of democracy in the areas of politics, ideology and economics. It reviews recent works by two scholars, one from China, the other from Russia, and compares their observations as well as possible solutions they suggest at both the national and international levels. It focuses on the 'institutional matrix' as a potential unit of synthesis, aiming to achieve a proper proportion or golden ratio that can foster complimentary relations in the global village, taking us beyond a conflicting view of oppositional super-systems.

Suggested Citation

  • Gregory Sandstrom, 2012. "Instead Of Capitalism Vs. Socialism: A Proportion-Seeking Review Of Two Contemporary Approaches In China And Russia," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 8(4), pages 43-60.
    • Handle: RePEc:mje:mjejnl:v:8:y:2012:i:4:p:43-60
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    References listed on IDEAS

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    1. Jànos Kornai, 2000. "What the Change of System from Socialism to Capitalism Does and Does Not Mean," Journal of Economic Perspectives, American Economic Association, vol. 14(1), pages 27-42, Winter.
    2. Kirdina, Svetlana, 2010. "Prospects of liberalization for S&T policies in Russia: institutional analysis," MPRA Paper 23270, University Library of Munich, Germany.
    3. Kirdina, Svetlana, 2012. "A shift in the prevailing institutional models of the global order:is a new cycle starting?," MPRA Paper 42999, University Library of Munich, Germany.
    4. Kirdina, Svetlana & Sandstrom, Gregory, 2010. "Institutional matrices theory as a framework for both western and non-western people to understand the global village”," MPRA Paper 18642, University Library of Munich, Germany, revised 20 Jul 2010.
    5. Huang,Yasheng, 2008. "Capitalism with Chinese Characteristics," Cambridge Books, Cambridge University Press, number 9780521898102.
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    Cited by:

    1. Svetlana Kirdina, 2015. "Methodological individualism and methodological institutionalism for interdisciplinary research," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 11(1), pages 53-67.
    2. Yury I. Alexandrov & Svetlana G. Kirdina, 2013. "Toward Integration Of Social Mental And Institutional Models: Systemic Approach," Montenegrin Journal of Economics, Economic Laboratory for Transition Research (ELIT), vol. 9(1), pages 7-16.

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