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Cycles in Socialist Economies

In: Collected Works of Domenico Mario Nuti, Volume I

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  • Domenico Mario Nuti

    (University of Rome)

Abstract

In the Marxist-Leninist project of socialist economy the elimination of cycles in economic activity is the expected result of central planning replacing the ‘anarchy’ of capitalist markets. Ex-ante coordination of the activities of government, households and firms according to a consistent, feasible and efficient plan should, in principle, ensure the continued full employment of labour and other resources along smooth growth paths instead of the recurring bouts of booms and recessions and persistent unemployment characteristic of capitalism.

Suggested Citation

  • Domenico Mario Nuti, 2023. "Cycles in Socialist Economies," Studies in Economic Transition, in: Saul Estrin & Milica Uvalic (ed.), Collected Works of Domenico Mario Nuti, Volume I, chapter 6, pages 151-157, Palgrave Macmillan.
    • Handle: RePEc:pal:stuchp:978-3-031-12334-4_6
    DOI: 10.1007/978-3-031-12334-4_6
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