Comparative Economic Systems

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9780395908150: Comparative Economic Systems

Gregory and Stuart have revamped this definitive text to mirror major changes within the global economy of the 21st century. In addition to a new title, the book now features more emphasis on transition, the acceleration of globalization, present trading agreements, and recent exchange rate regimes.

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About the Author:

Paul Gregory is in charge of Hoover's research on the Soviet state and party archives. His project has brought together economists, historians and political scientists from around the world to do analytical work on Hoover's rich holdings of Soviet-era documents. Gregory and his team have produced more than fifty articles and seven books, including two that have received international awards. He served as editor of the seven-volume History of Stalin's Gulag (published jointly by Hoover and the Russian Archival Service), which was awarded the silver human rights award of the Russian Federation in 2006 and is an editor of the three volume Stenograms of the Politburo of the Communist Party (published jointly by Hoover and the Russian Archival Service). Two of his edited works - Behind the Façade of Stalin's Command Economy and The Economics of Forced Labor: The Soviet Gulag -- have been published by Hoover Press. In addition to Hoover support, Professor Gregory's current research on Soviet dictatorship and repression is supported by the National Science Foundation. Paul Gregory holds an endowed professorship in the Department of Economics at the University of Ho u s t o n and is a research professor at the German Institute for Economic Research in Berlin. The holder of a Ph.D. in economics from Harvard University, he is the author or coauthor of nine books and many articles on the Soviet economy, transition economies, comparative economics, and economic demography. He serves on the editorial boards of Comparative Economic Studies, Journal of Comparative Economics, Problems of Post-Communism, and Explorations in Economic History. He is currently the President of the Association of Comparative Economic Studies.

Robert C. Stuart is Professor Emeritus at Rutgers University, Department of Economics. He received his Ph.D. in economics from the University of Wisconsin, Madison. He has taught Introductory Economics; Comparative Economic Systems; and The Economy of Russia; Managerial Economics and was a visitor at the Russian Research Center, Harvard University and a Visiting Scholar, Timiriazev Agricultural Academy in Moscow. His research interests include Russian and East European (transitional) economic systems; Russia - agriculture and rural development; urban growth; migration and population issues. He is the author, co-author or editor of approximately fifteen books on Russia and Eastern Europe, has authored or co-authored approximately seventy-five scholarly articles, and has served as Editor of Comparative Economic Studies.

Review:

Note: Chapters 2-22 conclude with a Summary. I. Economic Systems: Issues, Definitions, Comparisons 1. World Economic Systems in the Twenty-First Century The World Economy, History, and Economic Systems The Economy of the Twenty-First Century An Appraisal of Transition The Choice of Economic Systems in the Twenty-First Century 2. Definition and Classification of Economic Systems Economic Systems: Definition and Classification Characteristics of Economic Systems Alternative Economic Systems: Islamic Economics and the Latin American Model 3. Institutions, Systems, and Economic Outcomes The Forces Influencing Economic Outcomes The Evaluation of Outcomes: What Constitutes Success The Determination of System Priorities Performance Criteria Tradeoffs Economic Systems and Performance Institutions and Economic Performance 4. Changing Institutions Reform of Economic Systems Economic Development and Systemic Change Marx's Theory of Change Schumpeter: The Evolution of Capitalism The New Institutional Economics Change in Socialism Change in Capitalist Economies Change in Socialist Economies Transition II. Economic Systems in Theory 5. Theory of Capitalism How Markets Work State Intervention Growth and State Policy The Performance of Capitalist Economic Systems: Hypotheses 6. Theory of Planned Socialism The Socialist Economy The Marxist-Leninist View of Socialism The Socialist Controversy: The Feasibility of Socialism The Planned Economy: Formal Organization Resource Allocation Under Planned Socialism The Performance of Planned Socialism: Hypotheses 7. Theory of Market Socialism Market Socialism: Theoretical Foundations Market Socialism: The Cooperative Variant The Participatory Economy in the Twenty-First Century Democratic Socialism? The Performance of Market Socialism: Hypotheses III. Economic Systems in Practice 8. The Anglo-Saxon Model of Capitalism Models of Capitalism Constitutional Foundations of the U.S. Economy The Private Sector versus the Public Sector Business Organization Corporate Governance Capital Markets Regulation Deregulation Providing for Income and Security Privatization Macroeconomic Planning Final Comments 9. The European Model Ideological and Philosophical Foundations Legal Foundations: Civil Law Features of the European Model Public Enterprise: Nationalization, Privatization, and Deregulation The Limits of Income Security: Sweden 10. The Asian Model Ideological and Theoretical Foundations The Lewis Two-Sector Model Characteristics of the Asian Model 11. The Soviet Command Economy History The Setting The Soviet Economy: A Framework Planning in Theory Planning in Reality The Soviet Manager: The Principal-Agent Problem Prices and Money Agriculture International Trade 12. China: Market Socialism? Revolution and Upheaval The Chinese Economic System 13. The Command Economies: Performance and Decline Problems of Evaluation The Performance of Systems Economic Growth Performance Comparisons and Decline Appendix 13A IV. Systemic Change in a Global Perspective: Transition 14. An Introduction to Transition Concepts and Context Transition in a Global Setting Assessing Transition: Contemporary Perspectives A Systems Perspective The Framework of Transition: Theory and Evidence 15. Transition Economies: Output Patterns and Measurement Issues Explaining Patterns of Growth in Output Transition Economies 16. Transition: Models, Policies, and Approaches Transition: The Early Years V. Transition in Practice: The Components 17. Introducing Markets: Privatization and the Decline of Government Privatization in Transition The Transition Setting Privatization: Assessing the Results 18. The Macroeconomy: Fiscal and Monetary Issues Creating the Macroeconmy: The Early Years of Transition A Macroeconomic Framework The Macroeconomic Agenda and Its Evolution Banking in Transition Economies 19. Transition and the Global Economy: International Trade and Finance Collapse and the Early Years of Transition Emerging Trading Arrangements: Regional and Political Issues Transition and Emerging Outcomes in the Foreign Sector Capital Flows: Aid and Foreign Direct Investment The Integration of Transition Economies 20. Transition and the Safety Net The Labor Force in the Command Era Labor in the Transition Era Employment, Earnings, and the Safety Net Demographic Issues and the Safety Net Transition and the Social Sector Transition, Inequality, and Levels of Well-Being 21. Perspectives on Transition Performance Since the 1980s Growth Patterns in Transition Economies Economic Growth in Transition and Nontransition Economies Economic Growth in a New Century Beyond Growth: Perspectives on Systemic Change 22. Prospects for 2050 Changing Views of Economic Systems Rising and Falling Economic Fortunes Golden Ages Convergence of Incomes Resolving Economic Problems in the Twenty-First Century Growth or Eurosclerosis for Europe? Transition in a New Century Glossary

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