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

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  • Xu, Cheng-Gang

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.

Suggested Citation

  • Xu, Cheng-Gang, 2017. "Capitalism and Socialism: Review of Kornai's Dynamism, Rivalry, and the Surplus Economy," CEPR Discussion Papers 11866, C.E.P.R. Discussion Papers.
  • Handle: RePEc:cpr:ceprdp:11866
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Capitalism; growth; innovation; Institution; Socialism; Soft-budget Constraint;

    JEL classification:

    • A10 - General Economics and Teaching - - General Economics - - - General
    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • D02 - Microeconomics - - General - - - Institutions: Design, Formation, Operations, and Impact
    • E02 - Macroeconomics and Monetary Economics - - General - - - Institutions and the Macroeconomy
    • H11 - Public Economics - - Structure and Scope of Government - - - Structure and Scope of Government
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O12 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Microeconomic Analyses of Economic Development
    • O30 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - General
    • P10 - Economic Systems - - Capitalist Systems - - - General
    • P20 - Economic Systems - - Socialist Systems and Transition Economies - - - General
    • P30 - Economic Systems - - Socialist Institutions and Their Transitions - - - General

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