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Discussion Paper Details

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

Author(s): Chenggang Xu

Publication Date: February 2017

Keyword(s): Capitalism, growth, innovation, Institution, Socialism and Soft-budget Constraint

Programme Area(s): Development Economics, Industrial Organization and Macroeconomics and Growth

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.

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Bibliographic Reference

Xu, C. 2017. 'Capitalism and Socialism: Review of Kornai's Dynamism, Rivalry, and the Surplus Economy'. London, Centre for Economic Policy Research. https://cepr.org/active/publications/discussion_papers/dp.php?dpno=11866