Once upon a time, China had an interest in liberalizing its Communist-controlled economy, which her citizens assumed was a cue to ask for a wee bit more democracy. Turns out the Party heads merely wanted to enrich themselves, and had no interest in including the people in any decision-making process. So they happily turned the country into the sweatshop of the world, (literally) rolling over pro-democracy protesters in Tiananmen Square. That was in 1989.
Around the same time, Mikhail Gorbachev decided that pro-market reforms would be appropriate for the Soviet Union, but he didn’t want to rush the process and end up like Poland, with its demoralized Solidarity party and rampant unemployment. So he introduced the reforms incrementally, hoping to eventually arrive at a Scandinavian-style social democracy. But waiting in the wings was mean old Boris Yeltsin, who, at the urging of US econ wizards like Jeffrey Sachs, subjected his country to aggressive deregulatory surgery without anesthesia. Stunned by the resultant upheavals, the Soviet citizenry (and Parliament) demanded more democracy. Instead, they were rewarded with a permanent oligarchy and the most corrupt market in the developed world. And many of ’em were killed, too.
Now Russia and China are blaming the US for the global financial collapse. And who’s to say they’re wrong?