The search for alternatives to capitalism and the problem of
comparative assessment of the performance of socialist and
capitalist systems have inspired one of the richest and most
remarkable episodes in the history of economic thought. By the mid
20th century an entire field had emerged, conceptualizing,
theorizing, monitoring, and analyzing the largest and most
consequential social and economic natural experiment in human
history: Real-life Socialism. This research review focuses on the
fundamental literature associated with the comparative study of
socialist and capitalist systems. It features both a well-rounded
inquiry of the modern history of economic thought, as well as a
vibrant and critical disentanglement of the role of the economic
system from the role of environment and policy decisions, as
determinants of economic performance. This review will be an
interesting and invaluable research resource for academics and
students alike.
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