BL With a new preface by the authors This is an important work of original scholarship by two of the most distinguished East European economists now working in the West. The authors, both of whom were involved in the Planning Office of the Polish economy in the 1950s and 1960s, present here the results of their efforts to develop theoretically a system of economic management which could in practice avoid the worst excesses of both market capitalism and central planning. The (...) conclusions derived from this analysis are shown to open up a new dimension to the `socialism versus capitalism' controversy which has dominated much of the world throughout the twentieth century and which is especially significant as the countries of East and Central Europe re-structure their economies. (shrink)

The question of the relation between the economic reforms introduced in or contemplated by the East European communist countries (including now a days the Soviet Union as well) and China, and the pattern of income distribution is obviously of great interest: how will the increased use of market mechanisms affect the degree of inequality? Strong views on the matter are frequently voiced both by proponents and opponents of market-oriented reforms, but there is surprisingly litde empirical evidence based on systematic research. (...) To my knowledge the work under review is the first book with such an explicit objective. (shrink)