The Socialist System: The Political Economy of Communism
This book provides a comprehensive account of the structure, conduct, and performance of the centrally planned economies of Eastern Europe, the USSR, Communist China and the Marxist LDCs, looking at 26 nations in all.The author focuses on reform, perhaps the most important issue facing countries such as the USSR, Poland, Hungary, and China. Bureaucracy, soft budget constraints, markets, and the nature of the socialist state are the central issues that arise in the course of reforming a socialist economy.The first half of the book deals with "classical socialism" and provides a theoretical summary of the main features of a now closed period of history. The second half deals with the processes of reform and concludes that the reform of classical socialist systems is doomed to failure as they areunable to renew themselves internally.
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activity administrative prices allocation analysis apparatus apply bank basic behavior budget constraint Bulgaria bureaucratic control bureaucratic coordination buyer capitalism capitalist countries central chapter China classical socialism classical socialist system classical system collectivization Communist party consumer consumption cooperative Czechoslovakia decision discussed East Germany effect employees excess demand export factors firm’s forced growth foreign trade households Hungary ideas important income inflation input instance institutions International Comparison investment labor leaders macro Mao Zedong market coordination market socialism mechanism ment nomic normal official ideology organizations output percent period phenomena Poland political postsocialist private sector problems production profit property form property rights proportion public ownership relations revolution role Romania self-management seller shortage economy socialist countries socialist economy society soft budget Soviet Union specific sphere Stalin state-owned firms subsidies superior supply surplus tendency tion wages workers Yugoslavia