Complexity and Systemic Failure

Vito Tanzi

Chapter 11 in Transition and Beyond, 2007, pp 229-246 from Palgrave Macmillan

Abstract: Abstract Among his many achievements, in his long career as a successful and influential economist, Mario Nuti has been one of the leading students of centrally-planned and transition economies. Better than most, he has fully understood the inner workings of these economies. I am sure he would agree that the three factors leading to the collapse of the centrally-planned (or socialist) economies were: (a) the limited economic incentives that they provided for the efforts of individuals; (b) the growing corruption that affected them, and especially the Soviet Union, over the years; and (c) the growing complexity of these economies, that made economic planning more and more difficult.

Keywords: Central Bank; Market Economy; Fiscal Policy; Systemic Risk; Gini Coefficient (search for similar items in EconPapers)
Date: 2007
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Persistent link: https://EconPapers.repec.org/RePEc:pal:stuchp:978-0-230-59032-8_12

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DOI: 10.1057/9780230590328_12

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