Comparative Economic Performance.

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Comparative Economic Performance. From World War II until the mid-1980s,the United States and the Soviet Union engaged in a superpower competition for public opinion, military superiority. and economic dominance. How well did the command economies perform in the economic growth race? Any attempt at answering this question is bedeviled by the absence of reliable statistics. Most economists believed until recently that […]

How the Command Economy Functioned.

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How the Command Economy Functioned. In the Soviet-style command economy, the broad categories of output were determined by political decisions. Military spending’ in the Soviet Union was always allocated a substantial part of output and scientific resources, while the other major priority was investment. Consumption claimed the residual output after the quotas of higher-priority sectors were filled. In large part, decisions about how […]

Historical Roots

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Historical Roots An analysis of Soviet communism is of the utmost importance for economics because the soviet laboratory for theories about the functioning of a command ecology Some economic claimed that socialism simply could not work the experience proved them Tong. it advocate argued that Q communism would overtake capitals  also refutes. Under the collectivization of. Soviet agriculture between 1929 and 1935, […]

From Textbooks to Tactics: Soviet-Style Command Economy

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From Textbooks to Tactics: Soviet-Style Command Economy Marx wrote extensively about the faults of capitalism but he left no design for the promised socialist land. His arguments suggested that communism would arise in the most ‘highly developed industrial countries . Instead, it was feudal Russia that adopted the Marxist vision. Let’s examine fascinating and’ horrifying chapter of economic history. Get Any […]

Baleful Prophesies

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Baleful Prophesies Marx saw capitalism as inevitably leading’ to socialism. In Marx’s world, technological advances enable capitalists to replace workers with machinery as a means of earning greater profits. But this increasing accumulation of capital has two contradictory consequences. As the supply of available capital increases, the rate of profit on capital falls. AI the same time, with fewer jobs, the unemployment […]

THE FAILED MODEL: SOVIET COMMUNISM

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THE FAILED MODEL: SOVIET COMMUNISM For many years, developing countries looked to the Soviet Union and other communist countries as role models on how to industrialize. Communism offered both a theoretical critique of Western capitalism and a seemingly workable strategy for economic development. We begin by reviewing the theoretical underpinnings Of Marxism and communism and then examine how the Soviet-style command economy worked in […]

SOCIALISM

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SOCIALISM As a doctrine, socialism developed from the ideas of Marx and other radical thinkers of the nineteenth century. Socialism is a middle ground between laissez-faire capitalism and the central~planning’ model, which we discuss .in the next subsection. A few common elements characterize most socialist philosophies: Socialist approaches fell out of favor with the collapse of communism, the stagnation in Europe, […]

The Chinese Giant: Market Leninism

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The Chinese Giant: Market Leninism One of the major surprises in economic development during the last decade was the rapid growth in the Chinese economy. After the Chinese revolution of 1949, China initially adopted a Soviet transcendentalist system.The high-water mark of centralization came with the Cultural Revolution of 1966- 1969, which led to an economic slowdown in China. .After the death of […]

THE ASIAN MODELS Dragons and Laggards

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THE ASIAN MODELS Dragons and Laggards The East Asian crisis has captured most of the headlines over the last few years. but the really impressive fact of that region is the East Asian miracle of rapid economic-growth over the last half-century in South.· Korea. Singapore. Hong Kong. and Taiwan. Table 28-2′ compares the performance of the “Asian dragons” to that of the […]

The Central Dilemma: Market vs. Command

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The Central Dilemma: Market vs. Command like a bewildering array of economic “isms.”And indeed, there is a great variety in the-way countries organize their economies, At one end of the ~plectrums the   a market system, people act voluntarily and primarily for financial gain or personal satisfaction. Firms buy factors and produce Output,sailcloth~ill- ,puts and Pullouts ill a way that will maximize […]