The three phases--A, B, and C--consist of sine waves pi/3 radians (120 degrees) translated in phase from one another. Thus 3-phase current in the stator of an induction motor generates a set of magnetic fields that rotate in the stator. (The stator itself does not rotate; the fields do.) The rotor follows this rotation at a somewhat slower speed; thus a nominal 1800 rpm motor will have an actual rating around 1750 rpm. By switching two phases, the fields rotate in the opposite direction; i.e., A-B-C vs A-C-B; clockwise vs CCW. This is a layman's explanation--hope it helps.
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There is an article on 3-phase power transmission in Wikipedia.
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