Comparative Economics in a Transforming World Economy

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MIT Press, 2004 - Business & Economics - 646 pages

The second edition of an innovative undergraduate textbook in Comparative Economic Systems that goes beyond the traditional dichotomies.

This second edition of an innovative undergraduate text offers an approach to understanding different economic systems that reflects both recent transformations in the world economy and recent changes in the field of Comparative Economic Systems. The traditional way of teaching comparative economics, with its reliance on relatively simple dichotomies (private vs. state, planning vs. market) does not take into consideration the many variants and mixtures of economic systems that exist in the real world. The Rossers' introduction in the first edition of the concept of the "new traditional economy"—the effort by a developing country to embed a modern economic system into a traditional culture, usually religious—presented a new way to look at developing economies. Their innovative examination of Iran and its effort to develop a "revolutionary Islamic economy" as an alternative to market capitalism illustrates the use of this new tool in comparative economics.

After a four-chapter theoretical and historical overview, the book focuses on fifteen country studies, organized by economic system. The chapters on advanced market capitalism examine the economies of the United States (a chapter new to this edition) Japan, France, Sweden, and Germany. The chapters examining transition in former socialist economies discuss Russia, the former Soviet Republics, Poland, Hungary, Yugoslavia (including expanded treatment of the most successful transition economy, that of Slovenia), and China. The chapters in the final section of the book discuss "alternative paths" taken by the developing economies of Iran, India (its complex mix of socialism, capitalism, and tradition is examined in a chapter new to this edition), Mexico, and South and North Korea. The book concludes with a look at future trends that will continue to transform the world economy.

 

Contents

OVERVIEW OF COMPARATIVE ECONOMICS
1
The Theory and Practice of Market Capitalism
23
The Theory and History of Marxism and Socialism
53
Islamic Economics and the Economics of Other Religions
85
VARIETIES OF ADVANCED MARKET CAPITALISM
113
A Planned Market Economy with Traditional Elements
145
Whither Indicative Planning? The Case of France
179
Crisis and Reform of the Social Market Welfare State
203
The Peril and Promise of Shock Therapy
337
Gradualism and the First Successful
363
The Collapse of Yugoslavia
395
The Sleeping Giant Wakes
417
ALTERNATIVE PATHS AMONG DEVELOPING
450
The Struggle for a New Traditional Islamic Economy
487
Revolution and Reform in the Mexican Economy
515
The Lingering Shadow of the Cold War
543

The Unification of Germany and the Unification of Europe
231
VARIANTS OF TRANSITION AMONG FORMER SOCIALIST
262
Alternative Paths of Transition in the Former Soviet Union
301
Evolving Trends of the Transforming World Economy
575
Glossary
589
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