Higher Education

The Global Economy and Its Economic Systems, 1st Edition

  • Paul R. Gregory University of Houston, German Institute for Economic Research (DIW Berlin)
  • Robert C. Stuart Rutgers University
  • ISBN-10: 1285055357  |  ISBN-13: 9781285055350
  • 704 Pages
  • © 2014 | Published
  • College Bookstore Wholesale Price = $203.25
  *Why an online review copy?
  • It's the greener, leaner way to review! An online copy cuts down on paper and on time. Reduce the wait (and the weight) of printed texts. Your online copy arrives instantly, and you can review it anytime from your computer or favorite mobile device.

If you prefer a print copy to review, please contact your representative.



Since the first edition of this book in 1975 (previously titled Comparing Economic Systems in the Twenty-First Century), this market-leading title has examined different economies in theory and practice. This edition represents a complete revision and a significant expansion of the previous (2004) edition. The authors have completely rewritten and reorganized the 21 chapters of the previous edition and included a new chapter (Chapter 12, The Europen Model). Available with InfoTrac® Student Collections http://gocengage.com/infotrac.

Features and Benefits

  • Since the first edition of this book in 1975 (previously titled Comparing Economic Systems in the Twenty-First Century), this market-leading title has examined and compared different economies in theory and practice.
  • Part One, Introduction: Definition and Measurement contains five chapters starting with an historical overview of economic systems, then moving on to definitions and classifications, systems and outcomes, how systems change, and the broader settings of economic systems.
  • Part Two then discusses the three major Economic Systems in Theory: capitalism, planned socialism, and market socialism.
  • Part Three, Economic Systems in Practice, discusses the three main models of capitalism, examines the differences in the Anglo-Saxon model as practiced in England and the United States, discusses the European model of capitalism, the Soviet command economy, and Chinese system of market socialism.
  • Part Four, Systemic Change: Contemporary Global Perspectives, treats transitions within and between economic systems, transition economies, privatization and the decline of government, macroeconomics, international trade and finance, and transition and the safety net.
  • Part Five, Assessing the World Economies in a New Era: Performance, provides two forward-looking chapters, one on economic growth and performance in differing economic systems and the other on prospects for the world economy through 2050.

What's New

  • This edition represents a complete revision of the previous 2004 edition.
  • The Table of Contents has been completely reorganized and renamed.
  • Chapters have new titles, and the topics and content have been completely rearranged and expanded from the previous edition. Twenty-one chapters have been expanded to twenty-two.
  • InfoTrac® Student Collections are specialized databases expertly drawn from the Gale Academic One library. Each InfoTrac® Student Collection enhances the student learning experience in the specific course area related to the product. These specialized databases allow access to hundreds of scholarly and popular publications - all reliable sources - including journals, encyclopedias, and academic reports. Learn more and access at: http://gocengage.com/infotrac.

Meet the Author

Author Bio

Paul R. Gregory

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

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.