Market Failures and Market Socialism: Economic Problems of The Transition
Market Failures and Market Socialism: Economic Problems of The Transition

Summary/Abstract: Ever since Gregory Grossman's early analysis of the fate of the "first wave" of economic reform in socialist states, the political barriers to the introduction of market mechanisms in centrally planned economies have been a persistent theme in the literature. A large number of such barriers have been identified , ranging from the recalcitrance of bureaucratic interests that refuse to surrender control over economic processes and the unwillingness of political elites to abandon the prerogative of guiding and intervening in enterprise operations to the "conservatism" of (former) Soviet political leaders and their East European allies. [...]

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