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

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  • Chenggang Xu

Abstract

Understanding the nature of capitalism has been a central theme of economics. The collapse of the Eastern 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. Janos Kornai's book Dynamism, Rivalry, and the Surplus Economy: Two Essays on the Nature of Capitalism 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 posed theoretically and empirically, as well as in subjects, such as hybrid capitalism.

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  • Chenggang Xu, 2017. "Capitalism and Socialism: A Review of Kornai's Dynamism, Rivalry, and the Surplus Economy," Journal of Economic Literature, American Economic Association, vol. 55(1), pages 191-208, March.
    • Handle: RePEc:aea:jeclit:v:55:y:2017:i:1:p:191-208
    Note: DOI: 10.1257/jel.20151282
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    References listed on IDEAS

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    More about this item

    JEL classification:

    • L32 - Industrial Organization - - Nonprofit Organizations and Public Enterprise - - - Public Enterprises; Public-Private Enterprises
    • P12 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Enterprises
    • P14 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Property Rights
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P31 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - Socialist Enterprises and Their Transitions

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