By shifting from a centrally planned economy to a market-based one, China has fostered growth through decentralization and experimentation.

FORBES: Give China's New Leadership Time to Implement Needed Reforms

Back in the 1960s, Americans feared the "terrifying efficiency" of the centrally planned Soviet economy, to borrow a no-joke famous phrase from the British politician Richard Crossman.

CNN: Is China's rise overrated?

Hungary has made the transition from a centrally planned to a market economy, with a per capita income nearly two-thirds that of the EU-25 average.

FORBES: Hungary