Library of Political Economy
1 total work
Intended as a supplementary text for students, this book provides a starting point for the study of comparative economic systems. The author selects three types of economic system - capitalism, centralized socialism and decentralized workers' management - and systematically assesses their ability to achieve certain objectives. He begins by defining economy and economic system, explains what is meant by division of labour and suggests criteria for evaluating the success of each system in solving the problems raised by that division. The suitability of each system is examined first under ideal conditions and then under increasingly realistic and more adverse conditions. Finally, proposals for reform and modified versions of the systems are considered. In his analysis, the author also illustrates the ways in which economic arrangements matter not only to societies' economic performances, but to virtually all aspects of people's lives. The question is considered of whether economic systems should be viewed as objects of choice by societies and collectives and whether it is possible to understand them in a manner free of ideological bias.