Central Planning With Regulated Market—The Flawed Model
The failure of the string of reforms in Soviet‐bloc countries can be attributed to a number of factors, in the first place to resistance of communist political elites eager to preserve their monopolistic power. This however should not overshadow the significance of the flaws in the economic reform model as such, which in particular limited any application of market mechanism to product market alone, banning capital market (and led to preservation of a strong centre of economic control, substantially restricted competition, and in sum made impossible the replacement of the soft budget constraint for enterprises by a hard one).
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