Economic of perestroika / by Arvind Vyas and Andrei Venikov

In this monograph Perestroika and Glastnost, the two key concepts respons ible for dramatic changes in the USSR and Eastern Europe, have been viewed through Indian and Soviet eyes.

Prof. Vyas concentrates in the first chapter on the inefficiencies experienced in a centrally planned economy. At the macro level, he notices in particular declining efficiency of capital invest ments, prolonged delays in construction periods, and ageing of capital stock, all of which slow down technological progress. At the micro economic level, inefficiency reflects itself in the functioning of enter prises, over centralisation of decision making and stifling of initiative from below.

Political and legal aspects of Perestroika are examined by Dr. Vernikov in the second chapter. He envisages evolution of the Soviet economy towards economic pluralism and examines the implications of the series of laws enacted since 1985 such as those on labour activity state: enterprises and associations, and cooper atives, law on lease.

Dr. Vernikov devotes the third chapter to the imperatives of opening up the Soviet economy to international compe tition. In his view such an opening up is a cardinal pre-requisite for fostering eco

nomic efficiency in the USSR. Over the recent years much has been written on Perestroika in the Soviet Union as well as by Western Scholars. This vast literature has been selectively surveyed by Prof. Vyas in chapter four. In the con clusion three different scenarios of the future have been set out. The reader is expected to make up his own mind.

This monograph will attract the atten tion of academic, policy makers, innov live entrepreneurs, and professional managers. Those interested in utilising opportunities presented by the changing environment around the globe will find in these brief pages much to reflect on.