Socialist Investment Cycles: Analysis in Retrospect

The entire world was taken by surprise when 1990 brought an end to Soviet communism in Europe and thus a genuine end to World War II. The fact that these developments surprised not only the leaders and the people of the countries concerned, but also scholars is an extraordinary challenge to the students of Soviet-type economics. In the academic world, where predictive force is one of the key indicators of a successful theory, this weak performance calls into question the validity of earlier...