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From Marx to the MarketSocialism in Search of an Economic System$
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Wlodzimierz Brus and Kazimierz Laski

Print publication date: 1991

Print ISBN-13: 9780198283997

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198283997.001.0001

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Central Planning With Regulated Market—The Flawed Model

Central Planning With Regulated Market—The Flawed Model

Chapter:
(p.73) 7 Central Planning With Regulated Market—The Flawed Model
Source:
From Marx to the Market
Author(s):

Włodzimierz Brus

Kazimierz Laski (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0198283997.003.0007

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).

Keywords:   budget constraint, capital market, elites, Hungary, labour market, market mechanism, monopoly

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