Comparative Economic Systems

, by Gregory, Paul R.

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ISBN: 9780395908150 | 0395908159
Cover: Paperback
Copyright: 10/5/1998

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Supplemental Materials

Preface

xiii

I Economic Systems: Issues, Definitions, Comparisons

(92)

Economic Systems After the Collapse of Communism

(11)

The New World

(5)

The Collapse of Communism

(2)

The Industrialized West

(2)

The Third World

(1)

Economic Systems in the New Era

(1)

Modern Methodology of Economic Systems

(1)

The Choice of Economic Systems

(2)

Summary

(2)

Definition and Classification

(22)

Economic Systems: Definition and Classification

(2)

Definition

(1)

Characteristics of Economic Systems

(9)

The Organization of Decision-Making Arrangements

(3)

Market and Plan

(2)

Property Rights: Control and Income

(1)

Incentives

(2)

Comparing Economic Systems: A Mode of Classification

(1)

The ``Isms'' and Organizations

(3)

Transition and Change in the Twenty-First Century

(1)

Summary

(7)

Evaluation of Economic Outcomes

(24)

Models versus Reality

(1)

Forces Influencing Economic Outcomes

(2)

The Evaluation of Outcomes: The Success Criteria Problem

(1)

The Determination of System Priorities

(1)

Performance Criteria

(6)

Economic Growth

(1)

Efficiency

(2)

Income Distribution (Fairness)

(1)

Stability

(1)

Viability of the Economic System

(1)

Tradeoffs

(1)

Economic Systems and Performance

(1)

Performance Comparisons: The Twenty-First Century

(1)

Summary

(10)

Measuring the Impact of the Economic Systems

(5)

Reform and Transition: Evolution or Revolution?

(33)

Reform of Economic Systems

(1)

Economic Development and Systemic Change

(1)

Marx's Theory of Change

(2)

Joseph A. Schumpeter: The Evolution of Capitalism

(1)

The New Institutional Economics

(1)

Change in Socialism

(4)

Hayek and Mises

(2)

Kornai: The Economics of Shortage

(1)

The New Institutional Economics Critique of Socialism

(1)

Changes in Capitalist Economies

(9)

Property Rights: Private versus Public

(3)

Trends in Competition

(2)

Income Redistribution

(2)

Worker Participation

(1)

Government Intervention

(1)

Change in Socialist Economies

(3)

Backdrop of Reform

(1)

Socialist Reform Models

(2)

Record of Socialist Reform

(1)

Transition

(1)

Summary

(10)

II Economic Systems in Theory

(62)

Theory of Capitalism

(20)

How Markets Work

(3)

Equilibrium and the ``Invisible Hand''

(1)

Market Equilibrium

(1)

Efficiency of Market Allocation

(2)

State Intervention

(9)

Monopoly Power

(2)

External Effects and Collective Action

101

(2)

Problems of Public Choice

103

(1)

Income Distribution

104

(1)

Macroeconomic Instability

105

(2)

Growth and State Policy

107

(1)

The Performance of Capitalist Economic Systems: Hypotheses

108

(2)

Efficiency

108

(1)

Stability

108

(1)

Income Distribution

109

(1)

Economic Growth

109

(1)

Viability of the Capitalist System

110

(1)

Summary

110

(5)

Theory of Planned Socialism

115

(23)

The Socialist Economy

115

(1)

The Marxist--Leninist View of Socialism

116

(1)

The Socialist Controversy: The Feasibility of Socialism

117

(2)

Barone: A Theoretical Framework

118

(1)

The Challenge of Mises and Hayek

118

(1)

The Planned Economy: Organizational Arrangements

119

(1)

Resource Allocation Under Planned Socialism

120

(12)

Origins: The Soviet Union in the 1920s

120

(1)

Economic Planning: A Paradigm for Planned Socialism

121

(1)

Material Balance Planning

122

(4)

The Input--Output Model

126

(3)

Optimization and Economic Planning

129

(2)

Coordination: How Much Market? How Much Plan?

131

(1)

The Performance of Planned Socialism: Hypotheses

132

(1)

Income Distribution

132

(1)

Efficiency

132

(1)

Economic Growth

133

(1)

Stability

133

(1)

Summary

133

(5)

Theory of Market Socialism

138

(17)

Market Socialism: Theoretical Foundations

138

(3)

The Lange Model

139

(2)

Critics of the Lange Model

141

(1)

Market Socialism: The Cooperative Variant

141

(6)

Criticism of the Cooperative Model

145

(1)

Advantages of the Cooperative Model

146

(1)

The Participatory Economy in the Twenty-First Century

147

(1)

Feasible Socialism in the Twenty-First Century

148

(1)

The Performance of Market Socialism: Hypotheses

149

(1)

Income Distribution

149

(1)

Economic Growth

149

(1)

Efficiency

149

(1)

Stability

150

(1)

Summary

150

(5)

III Economic Systems in Practice

155

(256)

The American Economy: Market Capitalism

157

(36)

Resource Allocation in the Private Sector

157

(10)

Business Organization

158

(1)

The Product Market

159

(4)

The Labor Market

163

(3)

The Capital Market

166

(1)

Government in the American Economy

167

(6)

The Scope of the Public Sector

167

(2)

Public Goods: The Case of National Defense

169

(2)

Health, Education, and Welfare

171

(2)

U.S. Policy Toward Monopoly

173

(7)

Government Ownership

173

(1)

Regulation

174

(2)

Auctions of Monopoly Rights

176

(1)

An Assessment of Regulation

176

(1)

Deregulation

177

(1)

Antitrust Legislation

178

(1)

Price Fixing and Mergers

179

(1)

An Evaluation of Antitrust Policy

180

(1)

Government and Macroeconomic Stability

180

(3)

Government Activity and Externalities

181

(1)

Government Policies and the Distribution of Income

182

(1)

Privatization

183

(2)

The United States and Economic Freedom

185

(1)

Summary

186

(7)

The Soviet Command Economy: Structure and Performance

193

(57)

Historical Perspectives

193

(2)

The Setting

195

(1)

The Soviet Economy: A Framework

196

(2)

Organizational Features

196

(2)

Planning in Practice

198

(2)

The Soviet Enterprise

200

(2)

Prices and the Allocation of Land, Labor, and Capital in the Command System

202

(8)

Soviet Prices: General Features

202

(2)

Input Prices: Land and Labor

204

(1)

Capital Allocation

205

(2)

Financial Planning

207

(1)

Market Forces in the Command Economy

208

(2)

Agriculture in the Command Economy

210

(3)

Differences Between Collective Farms and State Farms

211

(1)

Changes in Soviet Agriculture

212

(1)

International Trade in the Command Economy

213

(2)

Performance of the Soviet Command Economy

215

(3)

An Economic Profile: Structural Characteristics of East and West

215

(3)

Economic Growth

218

(10)

The Sources of Economic Growth: Efficiency

223

(5)

Income Distribution

228

(4)

Summary

232

(18)

Measuring Outcomes in the Command Economy

245

(5)

China: Moving Toward Market Socialism?

250

(23)

Revolution and Upheaval

251

(6)

The Setting

251

(1)

The Early Years and the Soviet Model

252

(1)

The Beginnings of Soviet-Style Industrialization and Collectivization

253

(2)

The First Upheaval: The Great Leap Forward

255

(1)

1960--1978: Development and Disruption

256

(1)

Reform

257

(6)

Reform and The Soviet Model

257

(1)

China's Modernization Reform: The Deng Era

258

(1)

The Deng Strategy

258

(1)

Agricultural Reforms

258

(2)

The Commanding Heights

260

(3)

Policy and Practice

263

(3)

China's Governance

263

(1)

Economic Performance

263

(1)

China's Future

264

(2)

Summary

266

(7)

The European Model: Variants of Industrialized Capitalism

273

(54)

Europe versus Asia

273

(6)

European Profiles

274

(2)

European Performance

276

(3)

France: Indicative Planning

279

(8)

France: The Setting

279

(1)

French Indicative Planning: The Background

280

(1)

Plan Administration

281

(1)

Characteristics of Indicative Planning

282

(1)

Did French Planning Work?

283

(2)

Structural Change

285

(2)

Great Britain: Sclerosis and Recovery?

287

(11)

Great Britain: The Setting

289

(1)

Background of the British Economy

289

(1)

The British Economy: The Early Postwar Era

290

(1)

The British Economy: Planning

291

(2)

The ``British Disease''

293

(1)

Nationalization

294

(1)

The British Economy Under Thatcher

295

(2)

Cure of the British Disease?

297

(1)

Germany: The Social Market Economy

298

(12)

Background

298

(1)

Origins of the Social Market Economy

299

(1)

Characteristics of the Social Market Economy

300

(1)

Social Correctives of the Market Economy

301

(1)

Codetermination and Labor Unions

302

(1)

Labor and Collective Bargaining

303

(1)

Public Enterprise

304

(1)

Germany: Unification

305

(3)

Germany in the 1990s: The End of the Economic Miracle?

308

(1)

The Costs and Mistakes of Reunification

308

(1)

The Limits of Consensus

309

(1)

Sweden: The Capitalist Welfare State

310

(4)

Sweden: The Setting

310

(1)

The Swedish Welfare State

311

(1)

Sweden: The Economic System

312

(1)

Performance: An End to the Swedish Model?

313

(1)

Growth or Eurosclerosis?

314

(13)

Summary

316

(11)

The Asian Model

327

(39)

The Lewis Two-Sector Model

328

(3)

The Theory

328

(2)

The Mechanism for Transferring Surplus

330

(1)

The Asian Model and the Surplus

330

(1)

Japan: Growth Through Capital Formation

331

(8)

Background of the Japanese Economy

331

(2)

Sources of Japanese Economic Growth

333

(2)

Industrial Organization

335

(1)

Japanese Planning

336

(1)

Japan: Industrial Policy?

336

(2)

Change in the Japanese Model?

338

(1)

Asian Tigers: South Korea, Singapore, Taiwan, and Hong Kong

339

(9)

Background

339

(1)

Performance: System and Policy

340

(1)

The Role of the State

341

(1)

Asian Growth and Income Distribution

342

(2)

Explanations of the Asian Miracle

344

(1)

The Future Growth of East Asia

345

(1)

The End of the Asian Miracle?

346

(2)

The Asian Crisis

348

(1)

India: The Failed Quest for Economic Growth

348

(10)

Characteristics

349

(1)

The Indian Economy: Historical Background

350

(2)

The Modern ``Socialist'' Indian Economy

352

(1)

Economic Planning in India

353

(1)

Economic Controls

354

(1)

Growth Performance

355

(1)

Capitalism in India

356

(1)

Problems and Prospects

357

(1)

The Indian Economy in the Twenty-First Century

357

(1)

Summary

358

(8)

The Command Economies: Performance and Decline

366

(45)

Problems of Evaluation

366

(2)

The Performance of Systems

368

(5)

The Choice of Countries

368

(1)

Data: Concepts and Reliability

369

(1)

An Economic Profile: Structural Characteristics of East and West

369

(4)

Economic Growth

373

(25)

The Sources of Economic Growth

379

(1)

Dynamic Efficiency

379

(6)

Consumption Costs of Growth

385

(2)

Static Efficiency

387

(3)

Income Distribution

390

(4)

Economic Stability

394

(4)

Performance Comparisons and Decline

398

(2)

Economic Decline in the Planned Socialist Systems

398

(2)

Summary

400

(11)

The Index Number Problem in International Comparisons

408

(3)

IV Moving Towards a Market Economy

411

(78)

Transition

413

(20)

Transition: The Basics

413

(6)

Transition: the Importance of Preconditions

415

(1)

Initial Conditions

415

(2)

Transition Policies

417

(1)

Transition and the Policy Setting

418

(1)

Transition and Convergence: When Does Transition End?

419

(1)

The Microeconomics of Transition: Privatization

419

(4)

Transition and the Macroeconomy: Monetary and Fiscal Arrangements

423

(1)

Opening a Closed Economy: Transition and Trade

424

(1)

The Safety Net During Transition

424

(1)

Summary

425

(8)

The Russian Economy in Transition

433

(21)

The Natural Setting

433

(1)

The End of the Command Era

434

(2)

The Transition Era

436

(5)

The Political Setting

437

(1)

Microeconomic Issues

437

(2)

Macroeconomic Perspectives

439

(2)

The Russian Economy: Performance and Sectoral Issues

441

(6)

Performance

441

(2)

Restructuring

443

(1)

Sectoral Issues

444

(3)

Summary

447

(7)

Eastern Europe: Poland, Hungary, and the Czech Republic

454

(27)

The East European Setting

454

(2)

Eastern Europe: Selecting the Cases

455

(1)

Poland: From Plan to Market via a Shock Therapy

456

(6)

The Setting

456

(1)

The Command Economy

457

(1)

Polish Transition: The ``Big Bang'' in Practice

457

(5)

Hungary: The New Economic Mechanism and Transition

462

(5)

The Setting

462

(1)

The Hungarian Command Economy: Implementation and Reform

463

(1)

Gradual Transition to Markets

464

(3)

The Czech Republic: Planning, Politics, and Transition

467

(5)

Natural Setting

468

(1)

The Command Experience

468

(1)

Transition and Political Change

469

(3)

Eastern Europe: Transition, Performance, and Restructuring

472

(1)

Summary

473

(8)

Conclusions and Prospects

481

(8)

Changing Economic Thought

482

(2)

Rising and Falling Economic Fortunes

484

(1)

A Golden Age?

485

(2)

Convergence of Incomes

487

(1)

Economic Systems in the Twenty-First Century

488

(1)

Index

489

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Comparative Economic Systems

Table of Contents

Supplemental Materials