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

Cheng-Gang Xu

No 11866, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: Understanding the nature of capitalism has been a central theme of economics. The collapse of the East 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. Kornai's book 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 posted theoretically and empirically, as well as in subjects, such as hybrid capitalism.

Keywords: Capitalism; growth; innovation; Institution; Socialism; Soft-budget Constraint (search for similar items in EconPapers)
JEL-codes: A10 B10 D02 E02 H11 O11 O12 O30 P10 P20 P30 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-hpe, nep-pke and nep-tra
Date: 2017-02
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