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Feasible Financial Innovation Under Market Socialism

In: Collected Works of Domenico Mario Nuti, Volume I

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

Over the last 30 years centrally planned economies, also known as Soviet-type or socialist economies or as instances of realized socialism, have often undertaken and to some extent implemented reform projects for the progressive expansion of the scope of markets at the expense of direct central allocation. From Yugoslavia to China, from Hungary to Poland and the Soviet Union, none of these economies with the possible exception of Albania has escaped this process; the very frequency of reform attempts indicates both the necessity and difficulty of changing the principles of operation of socialist planning, rather than simply introducing marginal improvements. Reform projects have included varying degrees of enterprise decisional autonomy, contractual relations instead of central allocation of materials and foreign exchange, direct access to foreign trade, workers’ self-management, and reprivatization.

Suggested Citation

  • Domenico Mario Nuti, 2023. "Feasible Financial Innovation Under Market Socialism," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume I, chapter 9, pages 189-221, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-12334-4_9
    DOI: 10.1007/978-3-031-12334-4_9
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