A new institutional approach to the study of the Soviet-type economy

IF 0.7 Q2 AREA STUDIES Eastern Journal of European Studies Pub Date : 2022-01-01 DOI:10.47743/ejes-2022-0114
T. Todorova, Aleksandar Vasilev
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Abstract

The paper analyses the transaction cost of economizing and efficiency-enhancing effects of the Soviet-type economy. The last 30 years of transition have seen the failure of market reforms in many industries in what are traditionally non-market economies. We argue that centralized, command-and-control systems are wealth maximizing in the conditions of persistent transactional and behavioural failures. With its centralism, strict hierarchy, and monopoly over information, the Soviet-type economy was able to produce significant output. We emphasize the role of centralism in coordinating economic activities, curbing opportunism, and facilitating information flow. In highly opportunistic societies where the transaction costs of market operation are significant, centralized systems are more efficient than decentralized, democratic systems based on free-market rules.
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一种研究苏联型经济的新制度方法
本文分析了苏式经济的节约型交易成本和增效效应。在过去30年的转型中,传统上非市场经济国家的许多行业的市场改革都失败了。我们认为,在持续的交易和行为失败的条件下,集中的命令和控制系统是财富最大化的。由于中央集权、严格的等级制度和对信息的垄断,苏联式经济能够产生巨大的产出。我们强调中央集权在协调经济活动、遏制机会主义和促进信息流动方面的作用。在高度机会主义的社会中,市场运作的交易成本很高,集中的制度比基于自由市场规则的分散的民主制度更有效。
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来源期刊
CiteScore
1.30
自引率
16.70%
发文量
3
审稿时长
10 weeks
期刊介绍: The Eastern Journal of European Studies (EJES) seeks to provide a forum for multidisciplinary and interdisciplinary dialogue between ideas, and a framework for theoretical and empirical analyses covering major topics in European studies: European history, politics, European economy and European policies, EU community law, European culture and society. EJES encourages studies focusing on Central and Eastern Europe (including Eastern Neighbourhood) in order to better understand its transformations induced by the integration process and to address its specific challenges by supporting scientific debates on the general European theory and practice. Furthermore, the editorial board regularly invites distinguished guest editors to coordinate thematic issues.
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