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Neither Socialism nor Capitalism: The Emergence of a New Economic System in the Former Soviet Union

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  • William N. Trumbull

    (Department of Economics, West Virginia University, Morgantown, West Virginia 26506-6025 USA)

Abstract

Using a multidimensional classification of economic systems, this article explores the possibility that the former Soviet Union is undergoing a transition from centrally planned socialism to a new system unlike any that currently exists. The legacy of the former system impedes the transition to capitalism, which suggests that the transition will be a very long one or will result in an entirely new system. Policy recommendations will be naive or irrelevant if they assume that banking, labor, housing, and other markets will function like known capitalist markets.

Suggested Citation

  • William N. Trumbull, 1992. "Neither Socialism nor Capitalism: The Emergence of a New Economic System in the Former Soviet Union," International Regional Science Review, , vol. 15(3), pages 307-315, December.
    • Handle: RePEc:sae:inrsre:v:15:y:1992:i:3:p:307-315
    DOI: 10.1177/016001769301500310
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    References listed on IDEAS

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    1. Sachs, Jeffrey D, 1992. "Privatization in Russia: Some Lessons from Eastern Europe," American Economic Review, American Economic Association, vol. 82(2), pages 43-48, May.
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