Purpose - This paper aims to determine the status of the socialist market economy through a logical analysis of the evolution of economic systems in human society. Design/methodology/approach - This paper presents an analysis of uncertainty and the functions performed by different economic...

PART ONE: THEORIES OF COMPARATIVE ECONOMICS -- 1. Economic Systems -- 2. Economic Planning in Various Settings -- PART TWO: TWO CANONICAL STATE SOCIALISMS -- 3. The Soviet CPE I: The Process of Planning -- 4. The Soviet CPE II: The Process of Implementation -- 5. The Chinese CPE: Planning in an...

The paper emphasizes the transition in Russia and the role institutions played before and during the process. In Russia, a big bang approach was applied. That is to say, transition was conducted all of a sudden, omitting important underlying reforms. This practice should function as a shock...