Abstract
This paper is concerned with the problem of transition from a socialist centrally-planned economy to a capitalist mixed-market economy. Such a transition has never been made, although, since the mid-sixties, there have been attempts -- mostly failed -- to extend the role of commodity-money relations within a socialist framework. I point out the existence of an economic system which, while apparently representing a transitional stage between central planning and the market, itself introduces difficulties on the path to reform.1 A transition trap can emerge. I term the economic system of the transition trap “socialism in less than one country”.
| Original language | American English |
|---|---|
| Title of host publication | Markets and Politicians: Politicized Economic Choice |
| Editors | L. A. Hillman |
| Place of Publication | Boston |
| Publisher | Springer |
| State | Published - 1991 |