From a labor-managed economy to a market economy: A contribution to economic transformation
Does transition of the labor-managed economy to a capitalist economy really lead to an efficient economy? Which transformation strategies can be established during the transition? Which type of capitalist economy can be predicted by such transition strategies? These questions are answered by using t...
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Veröffentlicht in: | Atlantic economic journal 2000-03, Vol.28 (1), p.93-103 |
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Format: | Artikel |
Sprache: | eng |
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Online-Zugang: | Volltext |
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Zusammenfassung: | Does transition of the labor-managed economy to a capitalist economy really lead to an efficient economy? Which transformation strategies can be established during the transition? Which type of capitalist economy can be predicted by such transition strategies? These questions are answered by using the economic models described and explained by the main principles of post-Keynesian economic theory. It is found that the transition process leads to replacing the investment function, instituting the labor market, and replacing the expectations of a personal income rate with the profit rate. To achieve these processes, privatization and institution building, or institutional restructuring, are crucial. |
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ISSN: | 0197-4254 1573-9678 |
DOI: | 10.1007/BF02300534 |