Market Socialism or the Restoration of Capitalism?

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The collapse of communism in Eastern Europe has raised a number of questions concerning the future course of their economies. Has capitalism won or is something different emerging? Has market socialism vanished for good? How can the transitionary period be managed and what effect will it have on the standard of living in Eastern Europe? In this book, ten distinguished experts illuminate what this transition process to a market economy really means. They explore what remains of market socialism, the development of economic thinking and policy making, and distribution aspects of the Soviet economy under Perestroika.

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Table of Contents

Introduction Anders Aslund; Part I. Market Socialism Revisited: 1. The compatibility of planning and market reconsidered Wlodzimierz Brus; 2. Market socialism: the model that might have been but never was Domenico Mario Nuti; 3. Monetary-fiscal management for macroeconomic equilibrium and growth Gerhard Fink; Part II. Economic Thinking and Policy-Making: 4. The possible new role of market and planning in Poland and Hungary Jan Adam; 5. Rationalizing the centrally managed economy: the market Pekka Sutela; 6. Changes in Soviet economic policy-making in 1989 and 1990 Anders Aslund; 7. The restructuring of Soviet industrial ministries since 1985 Stephen Fortescue; Part III. Effects of Perestroika on Soviet Life: 8. Employment and the reallocation of labour in the USSR Sheila Marnie; 9. Changes in income inequality in the USSR Henryk Flakierski; 10. Estonia's economic development 1940–1990 in comparison with Finland Jan Ake Dellenbrant; Index.

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