What are the sources of the well-known differences in the
performance of capitalist and socialist economic systems? Peter
Murrell argues that the Schumpeterian model has far more power to
answer this question than does the neoclassical theory generally
used for that purpose. The neoclassical theory focuses on the
absence of a price system and the inability of a centralized system
to allocate resources efficiently, while the Schumpeterian model
emphasizes the rigidity of institutions and policies in socialist
economies and their lack of mechanisms either to create new
institutions or to identify and to foster the growth of the most
efficient organizations (including multinational corporations). In
a work that will have profound consequences for the analysis of
economic reform in socialist economies, Murrell compares the
predictions of these two models against data summarizing foreign
trade performance and finds the Schumpeterian model clearly
superior. Combining international trade theory and econometric
techniques, the author develops new methods of comparative economic
analysis. These methods provide new information on the values of
eleven resource endowments implicit in trade, the degree to which
the socialist countries fit standard models of trade, the effect of
multinational corporations on trade, and myriad other features of
economic performance.
Originally published in 1990.
The Princeton Legacy Library uses the latest print-on-demand
technology to again make available previously out-of-print books
from the distinguished backlist of Princeton University Press.
These paperback editions preserve the original texts of these
important books while presenting them in durable paperback
editions. The goal of the Princeton Legacy Library is to vastly
increase access to the rich scholarly heritage found in the
thousands of books published by Princeton University Press since
its founding in 1905.
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