Gregory and Stuart have revamped this definitive text to mirror major changes within the global economy of the 21st century. In addition to a new title, the book now features more emphasis on transition, the acceleration of globalization, present trading agreements, and recent exchange rate regimes.
- The authors have incorporated the latest ideas on privatization, the changing role of the state, and developments in corporate governance.
- The discussion of key regional clusters covers Asia, as well as Western and Eastern Europe?giving students a wide variety of case studies for comparison.
Note: Chapters 2-22 conclude with a Summary. I. Economic Systems: Issues, Definitions, Comparisons 1. World Economic Systems in the Twenty-First Century The World Economy, History, and Economic Systems The Economy of the Twenty-First Century An Appraisal of Transition The Choice of Economic Systems in the Twenty-First Century 2. Definition and Classification of Economic Systems Economic Systems: Definition and Classification Characteristics of Economic Systems Alternative Economic Systems: Islamic Economics and the Latin American Model 3. Institutions, Systems, and Economic Outcomes The Forces Influencing Economic Outcomes The Evaluation of Outcomes: What Constitutes Success The Determination of System Priorities Performance Criteria Tradeoffs Economic Systems and Performance Institutions and Economic Performance 4. Changing Institutions Reform of Economic Systems Economic Development and Systemic Change Marx's Theory of Change Schumpeter: The Evolution of Capitalism The New Institutional Economics Change in Socialism Change in Capitalist Economies Change in Socialist Economies Transition II. Economic Systems in Theory 5. Theory of Capitalism How Markets Work State Intervention Growth and State Policy The Performance of Capitalist Economic Systems: Hypotheses 6. Theory of Planned Socialism The Socialist Economy The Marxist-Leninist View of Socialism The Socialist Controversy: The Feasibility of Socialism The Planned Economy: Formal Organization Resource Allocation Under Planned Socialism The Performance of Planned Socialism: Hypotheses 7. Theory of Market Socialism Market Socialism: Theoretical Foundations Market Socialism: The Cooperative Variant The Participatory Economy in the Twenty-First Century Democratic Socialism? The Performance of Market Socialism: Hypotheses III. Economic Systems in Practice 8. The Anglo-Saxon Model of Capitalism Models of Capitalism Constitutional Foundations of the U.S. Economy The Private Sector versus the Public Sector Business Organization Corporate Governance Capital Markets Regulation Deregulation Providing for Income and Security Privatization Macroeconomic Planning Final Comments 9. The European Model Ideological and Philosophical Foundations Legal Foundations: Civil Law Features of the European Model Public Enterprise: Nationalization, Privatization, and Deregulation The Limits of Income Security: Sweden 10. The Asian Model Ideological and Theoretical Foundations The Lewis Two-Sector Model Characteristics of the Asian Model 11. The Soviet Command Economy History The Setting The Soviet Economy: A Framework Planning in Theory Planning in Reality The Soviet Manager: The Principal-Agent Problem Prices and Money Agriculture International Trade 12. China: Market Socialism? Revolution and Upheaval The Chinese Economic System 13. The Command Economies: Performance and Decline Problems of Evaluation The Performance of Systems Economic Growth Performance Comparisons and Decline Appendix 13A IV. Systemic Change in a Global Perspective: Transition 14. An Introduction to Transition Concepts and Context Transition in a Global Setting Assessing Transition: Contemporary Perspectives A Systems Perspective The Framework of Transition: Theory and Evidence 15. Transition Economies: Output Patterns and Measurement Issues Explaining Patterns of Growth in Output Transition Economies 16. Transition: Models, Policies, and Approaches Transition: The Early Years V. Transition in Practice: The Components 17. Introducing Markets: Privatization and the Decline of Government Privatization in Transition The Transition Setting Privatization: Assessing the Results 18. The Macroeconomy: Fiscal and Monetary Issues Creating the Macroeconmy: The Early Years of Transition A Macroeconomic Framework The Macroeconomic Agenda and Its Evolution Banking in Transition Economies 19. Transition and the Global Economy: International Trade and Finance Collapse and the Early Years of Transition Emerging Trading Arrangements: Regional and Political Issues Transition and Emerging Outcomes in the Foreign Sector Capital Flows: Aid and Foreign Direct Investment The Integration of Transition Economies 20. Transition and the Safety Net The Labor Force in the Command Era Labor in the Transition Era Employment, Earnings, and the Safety Net Demographic Issues and the Safety Net Transition and the Social Sector Transition, Inequality, and Levels of Well-Being 21. Perspectives on Transition Performance Since the 1980s Growth Patterns in Transition Economies Economic Growth in Transition and Nontransition Economies Economic Growth in a New Century Beyond Growth: Perspectives on Systemic Change 22. Prospects for 2050 Changing Views of Economic Systems Rising and Falling Economic Fortunes Golden Ages Convergence of Incomes Resolving Economic Problems in the Twenty-First Century Growth or Eurosclerosis for Europe? Transition in a New Century Glossary