Thomas Kuhn talks about a “paradigm shift” through first principles that end up subject to later challenge and consequent “revolutionary” abandonment. Either the world is flat or it isn’t. Either the earth orbits around the sun or it doesn’t.
However, when one gets away from pure science or medicine, the “either/or” would seem to become more qualified. Don’t challenge first principles and one ends up with the collapse of the Soviet Union. China, on the other hand, grows to adopt capitalism within a continuing socialistic political model and residually socialistic economic model.
Both Russia and China subject to significant changes. Form of paradigm shift in Russia? Form of “paradigm revision” in China?
And, in terms of accounting information, is it more than “either it’s useful for investment decisions or it is not”?