Peter J. Boettke

Examines the post-1970s area of the Austrian economic tradition, from its revival to its contemporary directions and development. The book comprises texts on the relationship of Austrian economics to Institutionalism, Evolution, and Post-Keynesian economics to present a look at "the way forward".

Examines the post-1970s area of the Austrian economic tradition, from its revival to its contemporary directions and development. The book comprises texts on the relationship of Austrian economics to Institutionalism, Evolution, and Post-Keynesian economics to present a look at "the way forward".

This collection of essays from one of the major Austrian economists working in the world today brings together in one place some of his key writings on a variety of economic issues.

Addresses one of the most pressing issues of international political economy Conventional wisdom has it that government management of the economy is the means to transform a backward economy into a dynamic, modern one. Yet, after decades of international aid programs, development planning is today largely perceived as a failure paralyzed by its own bureaucracy and inefficiency. Despite billions of dollars of investment, development successes are few and far between and waste and mismanagement abounds. This book showcases a diverse range of development experiences in order to ascertain the reasons for this quagmire. Case studies of development planning in China, India, post-WWII Japan, South Korea, Africa, and Eastern Europe, and of foreign aid programs (including the Marshall Plan) illustrate the insights an Austrian approach provides toward an understanding of the failure of government development planning. While economists working within the Austrian tradition have previously addressed development issues, this volume represents the first full-length treatment of the subject from a modern market process perspective. Exploding the hegemony of the traditional development paradigm, The Collapse of Development Planning addresses one of the most pressing issues of international political economy. Contributing to the volume are: George Ayittey (American University), Wayne T. Brough (Citizens for a Sound Economy, Washington, DC), Young Back Choi (St. John's University), Steven Hanke (Johns Hopkins University), Steve Horwitz (St. Lawrence University), Shyam J. Kamath (California State University, Hayward), Shigeto Naka (Hiroshima City University), David Osterfeld (St. Joseph's College), Manisha Perera (University of Northern Colorado), Jan S. Prybyla (Pennsylvania State University), Ralph Raico (State University College, Buffalo), Parth Shah (University of Michigan, Dearborn), Kurt Schuller (Johns Hopkins University), Kiyokazu Tanaka (Sophia University, Tokyo), and Mark Thorton (Auburn University).

Addresses one of the most pressing issues of international political economy Conventional wisdom has it that government management of the economy is the means to transform a backward economy into a dynamic, modern one. Yet, after decades of international aid programs, development planning is today largely perceived as a failure paralyzed by its own bureaucracy and inefficiency. Despite billions of dollars of investment, development successes are few and far between and waste and mismanagement abounds. This book showcases a diverse range of development experiences in order to ascertain the reasons for this quagmire. Case studies of development planning in China, India, post-WWII Japan, South Korea, Africa, and Eastern Europe, and of foreign aid programs (including the Marshall Plan) illustrate the insights an Austrian approach provides toward an understanding of the failure of government development planning. While economists working within the Austrian tradition have previously addressed development issues, this volume represents the first full-length treatment of the subject from a modern market process perspective. Exploding the hegemony of the traditional development paradigm, The Collapse of Development Planning addresses one of the most pressing issues of international political economy. Contributing to the volume are: George Ayittey (American University), Wayne T. Brough (Citizens for a Sound Economy, Washington, DC), Young Back Choi (St. John's University), Steven Hanke (Johns Hopkins University), Steve Horwitz (St. Lawrence University), Shyam J. Kamath (California State University, Hayward), Shigeto Naka (Hiroshima City University), David Osterfeld (St. Joseph's College), Manisha Perera (University of Northern Colorado), Jan S. Prybyla (Pennsylvania State University), Ralph Raico (State University College, Buffalo), Parth Shah (University of Michigan, Dearborn), Kurt Schuller (Johns Hopkins University), Kiyokazu Tanaka (Sophia University, Tokyo), and Mark Thorton (Auburn University).

Perestroika was acclaimed in the west but brought empty shelves in the east. Why Perestroika Failed argues that this was inevitable because it was not based on a sound understanding of market and political processes. Even if the perestroika programme had been carried out to the full it would have failed to bring about the structural changes necessary to transform what was the Soviet economy.

This book presents a narrative of one of the more interesting utopian experiments in comparative political and economic history: the first decade of the Soviet experience with socialism (1918-1928). Though historical and textual analysis, the book’s goal is to render this experience intelligible, to get at the meaning of the Soviet experience with socialism for comparative political economy today. The book examines the texts of Lenin, Bukharin, and other revolutionaries, as well as the interpretations of contemporary historians of the revolution and the writings of more recent interpreters of Soviet political and economic history. Arguing that the first three years of the Bolshevik regime (1918-1921) constitute an attempt to carry out the Marxian ideal of comprehensive central planning, and that the disastrous results, which all commentators agree occurred, were the inevitable outcome of this Marxian ideal coming into conflict with the economic reality of the coordination problem that all economic systems face, the book draws clear conclusions and elucidates the air of mystery that often surrounds the subject. Offering a radical challenge to contemporary comparative political economy at the level of high theory, applied research, and public policy, this book is appropriate for students and scholars interested in Marxism, economic history, political economy, and Austrian economics.