The Nature of Socialist Economics

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The book explores the contrasting performance of capitalist and socialist economic systems, highlighting the Schumpeterian model's superiority over neoclassical theory. Murrell emphasizes how the rigidity of institutions in socialist economies hinders their ability to adapt and grow efficiently. By comparing these models with data on foreign trade performance, he introduces innovative methods for economic analysis, revealing insights into resource endowments, trade dynamics, and the impact of multinational corporations on economic outcomes.