The most comprehensive and contemporary source available on socialist economic systems, this book employs economic data from eight East European countries and Russia to provide readers with a thorough, accurate picture of formerly Communist economies. J. Wilczynski carefully analyzes the major focal points of socialistic economics: planning and market, profit, production and growth, accumulation, consumption, labor, land, pricing, money and banking, fiscal policy and control, domestic and foreign trade, and international economics.

The treatment of the subject is objective and constructive; when comparisons are made with capitalist economies both the strengths and weaknesses of socialism are brought out. This is not, however, a book on comparative economic systems but rather a complete discourse on the actual principles of socialist economics. Controversial issues such as the role of planning and the market, profit, rates of growth, the consumer’s place, labor incentives, pricing, and controls are particularly well done.

This book can be used as a guide to the economics of formerly communist regimes and as text for courses in developmental economics and comparative economic systems. It is well written by a scholar intimate with the plans, policies, and failures of communist economies from the close of The Second World War to the demise of Communist rule in Eastern Europe.