DISCUSSION PAPER SERIES DP11866 CAPITALISM AND SOCIALISM: REVIEW OF KORNAI'S DYNAMISM, RIVALRY, AND THE SURPLUS ECONOMY CAPITALISM AND SOCIALISM: REVIEW OF KORNAI'S DYNAMISM, RIVALRY, AND THE SURPLUS ECONOMY CAPITALISM AND SOCIALISM: REVIEW OF KORNAI'S DYNAMISM, RIVALRY, AND THE SURPLUS ECONOMY

Cheng-Gang Xu, Cheng-Gang Xu, Cheung Kong
2017 unpublished
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
more » ... enges are posted theoretically and empirically, as well as in subjects, such as hybrid capitalism. JEL Classification: A10, Acknowledgements The very helpful comments from Lee Benham, Mary Shirly, Gerard Roland, and Yiqing Xu are deeply appreciated. I am grateful to the editor, Steven N. Durlauf, for his detailed comments on an early version of the paper. All errors are mine. Financial support from RGC Theme-based Research Scheme (TRS) Project (T31-717 112-R) is acknowledged.
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