Montenegrin Journal of Economics


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

Gregory Sandstrom

2012, vol. 8, no. 4, p. 43-60


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. "Instead Of Capitalism Vs. Socialism: A Proportion-Seeking Review Of Two Contemporary Approaches In China And Russia." Montenegrin Journal of Economics. vol. 8, no. 4, 2012, p. 43-60

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