How do economic systems vary between the US, China, and Russia?

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Globalization has created a good deal of confusion as to the economies of the major three countries in the world. We typically think of the United States as a capitalist, Russia as communist, and China as similar to the Russian economic system. Due to globalization, those terms may be too simplistic of a generalization in describing the economic systems of the three. Let's take them in alphabetical order.

China. Beginning in the 1980s, China began to recognize the economic advantages the country had in the form of cheap labor. Before the 1980s, there was a minimal distinction between the economical style of Russia (former the Soviet Union) and China. China was a command economy patterned in a Marxist manner. When President Nixon opened the Chinese market to the United States, the communist leaders of the country quickly understood to participate in the global economy, China would need to make rapid adjustments. China refers to its economy as a socialist...

(The entire section contains 481 words.)

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Last Reviewed by eNotes Editorial on December 20, 2019