Final answer:
The Soviet Union and China had differing economic planning approaches, with China's Great Leap Forward facing notable challenges. Both countries eventually transitioned economically, with China moving towards market-oriented reforms and the Soviet Union experiencing a shift to market-based systems.
Explanation:
The Soviet Union and China both implemented significant economic planning strategies, but with distinct approaches:
- Great Leap Forward: China's initiative under Mao Zedong focused on labor-intensive development and small productive units, emphasizing revolutionary zeal over self-interest. This led to inefficiencies and significant consequences, including the deaths of millions.
- Soviet Economic Planning: The Soviet Union implemented central planning with five-year plans, aiming for production targets and resource allocation. However, the Soviet economy ultimately faced challenges, resulting in its collapse.
- Transition from Command Socialism to Market Capitalism: Both China and Russia underwent economic transitions, with China embracing market-oriented reforms from the late 20th century onwards, while the collapse of the Soviet Union marked a shift towards market-based systems.
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