The events in the former Soviet Union from 1985 to 1991 were nothing short of spellbinding. Academics, pundits and the man on the street were all transfixed by the "Gorbachev phenomena." "Why Perestroika Failed" argues that Gorbachev's reforms ultimately failed because they were not based on a sound understanding of market and political processes.
"Why Perestroika Failed" is the first book to apply an Austrian market process approach to analyze the economic dimensions of the Soviet system, and a public choice approach to address the political aspects. Peter Boettke presents a critical assessment of the reform movement, examining the various proposals and paradoxes of the Soviet reform efforts.
Boettke argues that perestroika failed partly because it was never implemented. He goes on to demonstrate that even if the perestroika program had been carried out fully, it would not have produced the "structural" changes necessary to revive the former Soviet economy. A knowledge of why perestroika failed is of crucial importance as the former Soviet republics and East and Central Europe chart a new course.
Industry Reviews
"Peter Boettke's book is one of the few in which an economist deploys his own disciplines in that fuller context [to address the structural problems of the Soviet system]."
-"The Times Literary Supplement
"This is a well-written and occassionaly polemical analysis of what was wrong with Marx's vision of socialism and with its "Soviet" version, and of the attempts to reform the system, plus some guidelines as to how to achieve a rapid transition to capitalism. . . Many times Boettke hits his target with precise effect. Thus he correctly stresses the utopian elements in Marx's vision of socialism, the irrationalities and distortions typical of the traditional Soviet system, as well as the contradictions which accompanied the attempts to reform it under Gorbachev."
-"Review of Political Economy
"An excellent analysis of the failure of the ACE [Administrative Command Economy] in general, and perestroika in particular, drawing on many insights from Austrian economics and public choice theory."
-Edwin G. Dolan, University of Glasgow
"Within the recent wave of reflection on "perestroika Boettke's book is among those with the highest theoretical ambitions. . . The book is inspired by the HUme-Hayek tradition, which is extremely well applied in the explanations of the structural weaknesses "perestroika failed to overcome. "Perestroika did not bring changes in institutional rules which would allow experiments in social organization that are seen as basic requirements of any sustainable economic system. . .Whether you agree or disagree with the arguments the book gives an excellent and consistent view on the topic."
-"Europe-Asia Studies
