The first edition of this seminal book in 1971 pointed out the
fatal defects of Marxist theory that would lead to the collapse of
the Soviet economy. In this revised edition, Paul Craig Roberts
examines how reality triumphed over Marxist theory and the
implications for the future of Russia and eastern Europe. In 1971,
Roberts created a firestorm among professional Sovietologists by
proclaiming that the economies of the USSR and its East Bloc allies
were doomed because their 'planned' economies were, in reality,
anything but planned. Expanding on his original ideas, Roberts
demonstrates in this book the fatal shortcomings of Marxist
economies, ranging from misallocation of resources to ersatz
capitalistic concepts grafted onto a system that calls for
production without regard to profit. Roberts argues that the
economies of the nations emerging from the USSR's collapse must
grasp the profound truths in this book if they are to become
viable.
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