Whither Socialism?

By: Joseph E. Stiglitz

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Paperback | 31 January 1996

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The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the economics of information, that provides greater theoretical insight into the workings of a market economy and clearer guidance for the setting of policy in transitional economies. Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading. "The Wicksell Lectures"

Industry Reviews

Whither Socialism? is to be recommended. It offers deep new thinking on a big subject: the role of the state. It is rigorous and accessible, a rare combination. * The Economist *

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Preface
The Theory of Socialism and the Power of Economic Ideas	p. 1
The Debate over Market Socialism: A First Approach	p. 15
Critique of the First Fundamental Theorem of Welfare Economics	p. 27
A Critique of the Second Fundamental Theorem	p. 45
Criticisms of the Lange-Lerner-Taylor Theorem: Incentives	p. 65
Market Rationing and Nonprice Allocations within Market Economies	p. 83
Competition	p. 109
Innovation	p. 139
Centralization, Decentralization, Markets, and Market Socialism	p. 153
Privatization	p. 171
The Socialist Experiment: What Went Wrong?	p. 197
Reform of Capital Markets	p. 207
Asking the Right Questions: Theory and Evidence	p. 231
Five Myths about Markets and Market Socialism	p. 249
Some Tentative Recommendations	p. 255
Philosophical Speculations	p. 269
Conclusions	p. 279
Notes	p. 281
References	p. 307
Index	p. 323
Table of Contents provided by Blackwell. All Rights Reserved.

Whither Socialism?

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