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Michael Ellman
More books by Michael Ellman…
“System change in Eastern Europe and the FSU turned out to be a painful process marked by inflation, unemployment, inequality, criminalisation and state collapse (in some countries). Nevertheless, it brought some concrete benefits (full shops, freedom of all kinds – from religious to travel).”
― Socialist Planning
― Socialist Planning
“Prices in the traditional model were quite inappropriate as guides to the efficient allocation of resources, and were (generally) not used as such. This resulted from the state determination of all prices at infrequent intervals; the fact that enterprise activities were supposed to be determined by the plan they received from above; the rationing of producer goods; and the fact that prices were fixed on a cost-plus basis.”
― Socialist Planning
― Socialist Planning
“The socialist planning system had a number of important achievements to its credit. It introduced mass production into Soviet industry. It greatly increased the output of a number of key industrial sectors, such as oil and steel. It produced the huge number of weapons necessary to emerge victorious from World War II. It provided full employment. It produced the world’s first earth satellite. It invested heavily in human capital. Its educational system (except in the social sciences) was good by international standards, and produced large numbers of qualified people. During the 1950s the USSR enjoyed a golden age with growth rates much in excess of those in the USA or UK. However, socialist planning also had a number of problems. These included: shortages of consumer goods; inability to take full advantage of the world market for goods, capital and people; slow home-grown technical progress; and living standards that lagged behind those in capitalist countries. In addition, the high growth rates of the 1950s gradually declined.”
― Socialist Planning
― Socialist Planning
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