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Capitalism and Socialism: A Review of Kornai's Dynamism, Rivalry, and the Surplus Economy

Chenggang Xu

Journal of Economic Literature, 2017, vol. 55, issue 1, 191-208

Abstract: Understanding the nature of capitalism has been a central theme of economics. The collapse of the Eastern Bloc and the global financial crisis spurred the reemergence of the political economy as a new frontier and the revival of interest in the nature of capitalism. Janos Kornai's book Dynamism, Rivalry, and the Surplus Economy: Two Essays on the Nature of Capitalism fills an important intellectual gap in understanding the dynamic nature of capitalism by comparing it with its mirror image, socialism. To further develop the themes contained in the book, serious challenges are posed theoretically and empirically, as well as in subjects, such as hybrid capitalism.

JEL-codes: L32 P12 P14 P16 P26 P31 (search for similar items in EconPapers)
Date: 2017
Note: DOI: 10.1257/jel.20151282
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Handle: RePEc:aea:jeclit:v:55:y:2017:i:1:p:191-208