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From a labor-managed economy to a market economy: A contribution to economic transformation

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  • Maks Tajnikar

Abstract

Does transition of a labor-managed economy to a capitalist economy really lead to an efficient economy? Which transformation strategies can be established during the transition? Which type of capitalist economy can be predicted by such transition strategies? This paper answers these questions by using the economic models described and explained by the main principles of post-Keynesian economic theory. It is found that the transition process leads to replacing the investment function, instituting the labor market, and replacing the expectations of a personal income rate with a profit rate. To achieve these processes, privatization and institution building, or institutional restructuring, are crucial. They also remove problems that should be removed by stabilization and restructuring. Copyright International Atlantic Economic Society 2000

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  • Maks Tajnikar, 2000. "From a labor-managed economy to a market economy: A contribution to economic transformation," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 28(1), pages 93-103, March.
    • Handle: RePEc:kap:atlecj:v:28:y:2000:i:1:p:93-103
    DOI: 10.1007/BF02300534
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    1. Luigi L. Pasinetti, 1962. "Rate of Profit and Income Distribution in Relation to the Rate of Economic Growth," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 29(4), pages 267-279.
    2. Herman W. Hoen, 1998. "The Transformation of Economic Systems in Central Europe," Books, Edward Elgar Publishing, number 848.
    3. Paul A. Samuelson & Franco Modigliani, 1966. "The Pasinetti Paradox in Neoclassical and More General Models," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 33(4), pages 269-301.
    4. Paul A. Samuelson, 1962. "Parable and Realism in Capital Theory: The Surrogate Production Function," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 29(3), pages 193-206.
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