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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.

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  • 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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    Cited by:

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    2. Peter J. Boettke & Rosolino A. Candela & Peter J. Jacobsen, 2023. "Economic calculation and transaction costs: The case of the airline oversales auction system," Southern Economic Journal, John Wiley & Sons, vol. 89(3), pages 708-731, January.

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    More about this item

    Keywords

    Capitalism; Socialism; Institution; Innovation; Growth; Soft-budget constraint;
    All these keywords.

    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 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - General
    • P20 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - General
    • P30 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - General

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