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Comparing Economic Systems in the Twenty-First Century 7th Edition

Paul R. Gregory, Robert C. Stuart

  • Published
  • Previous Editions 1999, 1995
  • 576 Pages


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.

Paul R. Gregory, University of Houston, German Institute for Economic Research (DIW Berlin)

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, Rutgers University

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.
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
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
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
Providing for Income and Security
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
The Setting
The Soviet Economy: A Framework
Planning in Theory
Planning in Reality
The Soviet Manager: The Principal-Agent Problem
Prices and Money
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