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Characteristics of the Centrally Planned Economy and Systemic Collapse

  • Paul J. J. Welfens
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Abstract

Eastern Europe is facing a complex transformation process after the collapse of socialism in the last quarter of this century. This collapse is the result of an intellectual legacy and ideology which initially came from the West. The West, however, was prudent enough not to follow the ideas of MARX and ENGELS, but developed different answers to the obvious misery of the Industrial Revolution and the dynamics of market economies with their contradictions of fast, volatile and sometimes unstable financial markets on the one hand, and, slow factor markets and goods markets on the other hand. After a brief analysis of the crisis of socialism, we will turn in chapters B-E to theoretical and practical questions of systemic transformation.

Keywords

Market Economy Socialist Economy Shadow Economy Socialist Country Socialist System 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer-Verlag Berlin Heidelberg 1992

Authors and Affiliations

  • Paul J. J. Welfens
    • 1
  1. 1.Department of EconomicsUniversity of MünsterMünsterGermany

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