Contemporary economic systems : comparative view

Full employment, growth, price stability, the elimination of poverty, and a more equitable distribution of income are only a few of the problems facing most economies today. Political leaders of both West ern and Communist nations are constantly searching for new economic policies and institutions within their ideological frameworks to achieve these diverse, often incompatible goals. Western economists and political leaders have occasionally flirted with the notion of intro ducing some sort of planning to their capitalist economies. Soviet and Eastern European leaders have frequently recognized the value of letting the market and private initiative prevail in limited circum stances. Each group is aware of the flaws and failures of their respec tive economic systems. Frequently, however, policy makers and the public are not aware of what alternative methods of economic organi zation are available for solving economic problems and what is their record of accomplishment. All too frequently, a policy or institution perceived to be successful in one country or context will be tried in another country or context and fail miserably. It is to this problem that the authors address themselves in this text.