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Complexity and Systemic Failure

In: Transition and Beyond

Author

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  • Vito Tanzi

Abstract

Among his many achievements, in his long career as a successful and influential economist, Mario Nuti has been one of the leading students of centrally-planned and transition economies. Better than most, he has fully understood the inner workings of these economies. I am sure he would agree that the three factors leading to the collapse of the centrally-planned (or socialist) economies were: (a) the limited economic incentives that they provided for the efforts of individuals; (b) the growing corruption that affected them, and especially the Soviet Union, over the years; and (c) the growing complexity of these economies, that made economic planning more and more difficult.

Suggested Citation

  • Vito Tanzi, 2007. "Complexity and Systemic Failure," Studies in Economic Transition, in: Saul Estrin & Grzegorz W. Kolodko & Milica Uvalic (ed.), Transition and Beyond, chapter 11, pages 229-246, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-0-230-59032-8_12
    DOI: 10.1057/9780230590328_12
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