Article: Contradictions in global economic development Journal: International Journal of Business Excellence (IJBEX) 2025 Vol.37 No.2 pp.147 - 167 Abstract: The aim of the study is to demonstrate empirically the convergent and opposing dynamics of modern economic systems in order to assess their socio-economic environment during the COVID-19 pandemic. The study revealed that the market economy and the command-administrative economy both had co-directional and divergent dynamics of economic development, which was reflected in the changes of economic indicators. The study of empirical data showed that GDP, GDP per capita, gross savings, consumer spending, and the share of income of the poorest 20% of the population were changing similarly in Russia and China. At the same time, such indicators as inflation rate, imports of goods and services, external debt and unemployment had opposite trends. The findings show that the command-administrative system is more stable in times of crisis, characterised by greater inflation stability, reduced dependence on imports, and increased equity in income distribution. Inderscience Publishers - linking academia, business and industry through research

Title: Contradictions in global economic development

Authors: Jing Du; Larisa Efimovа; Mengze Zhang; Valeriy Prasolov; Vladislav Ananishnev

Addresses: Department of Economics, Sejong University, Seoul, South Korea; School of Political Science and Public Administration, Liaocheng University, Liaocheng, China ' Department of Economic Security, Analysis and Audit, Russian State Agrarian University – Moscow Timiryazev Agricultural Academy, Moscow, Russian Federation ' Department of Economics, Sejong University, Seoul, South Korea ' Department of Economic Security and Risk Management, Financial University under the Government of the Russian Federation, Moscow, Russian Federation ' MOSCLUSTER LLC, Moscow, Russian Federation

Abstract: The aim of the study is to demonstrate empirically the convergent and opposing dynamics of modern economic systems in order to assess their socio-economic environment during the COVID-19 pandemic. The study revealed that the market economy and the command-administrative economy both had co-directional and divergent dynamics of economic development, which was reflected in the changes of economic indicators. The study of empirical data showed that GDP, GDP per capita, gross savings, consumer spending, and the share of income of the poorest 20% of the population were changing similarly in Russia and China. At the same time, such indicators as inflation rate, imports of goods and services, external debt and unemployment had opposite trends. The findings show that the command-administrative system is more stable in times of crisis, characterised by greater inflation stability, reduced dependence on imports, and increased equity in income distribution.

Keywords: economic system; market economy; command economy; Russia; China.

DOI: 10.1504/IJBEX.2025.149754

International Journal of Business Excellence, 2025 Vol.37 No.2, pp.147 - 167

Received: 18 Aug 2021
Accepted: 23 Oct 2021
Published online: 12 Nov 2025 *

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Title: Contradictions in global economic development

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