Collected Works of Domenico Mario Nuti, Volume I: Socialist Economic Systems and Transition

Acknowledgments
Contents
List of Figures
List of Tables
1: An Introduction to the Collected Works of Domenico Mario Nuti
1.1 Domenico Mario Nuti’s Life and Work
1.2 Structure of the Two Volumes
1.2.1 Socialist Economic Systems
1.2.2 The Transition from Socialism to Capitalism
1.2.3 Evolution of Economic Systems
1.2.4 Economic Democracy
1.2.5 East-West Integration and Globalisation
1.3 Concluding Remarks
Bibliography
2: Domenico Mario Nuti (1937-)
Bibliography
Part I: Socialist Economic Systems
Foreword to Part I: Socialist Economic Systems
3: Socialism on Earth
Bibliography
4: Michal Kalecki’s Contribution to the Theory and Practice of Socialist Planning
4.1 Introduction
4.2 Kalecki’s Model of the Democratic Planned Economy
4.3 Investment and Growth Policies
4.4 Shadow Interest Rates and Technical Choice
4.5 The Perspective Plan
4.6 Summary and Conclusion
Bibliography
5: Hidden and Repressed Inflation in Soviet-Type Economies: Definitions, Measurements and Stabilisation
5.1 Introduction
5.2 Inflationary Pressure in the Socialist Economy
5.3 Open Official Inflation in the USSR and Eastern Europe
5.4 Definitions: Unofficial, Hidden and Repressed Inflation
5.5 Estimates of Hidden Inflation
5.6 Estimates of Repressed Inflation
5.7 An Alternative Model
5.8 Implications for Market-Clearing and Stabilisation
5.9 The Cost of Hidden and Repressed Inflation
5.10 Summary and Conclusions
Bibliography
6: Cycles in Socialist Economies
Bibliography
7: Socialist Banking
Bibliography
8: Remonetisation and Capital Markets in the Reform of Centrally Planned Economies
8.1 Introduction
8.2 Money and Finance Under Central Planning
8.3 The Extent of Monetary and Financial Reform
8.4 The ‘Sequencing’ of Reform
8.5 Systemic Constraints and Reform Alternatives
Bibliography
9: Feasible Financial Innovation Under Market Socialism
9.1 Reform and Remonetization
9.2 Recent Developments in Socialist Economies
9.3 Restrictions on Equity Ownership, Control, and Exchange
9.4 Financial Intermediation and Secondary Markets
9.5 Existing Instruments and Institutions
Stage I: Capital Evaluation and Interfirm Mobility
Stage II: Share Capital Evaluation, Exchange, and Control
Stage III: Individual Indirect Participation Without Ownership or Control
9.6 Summary and Conclusion
Bibliography
10: Market Socialism: The Model that Might Have Been—But Never Was
10.1 The Moving Target of Economic Reform
10.2 Market Socialism
10.3 Markets: Competition and Balance at Single Prices
10.4 Pluralist Ownership
10.5 Political and Economic Participation
10.6 Supplementary Nature of Government Activity
10.7 Socialist Policies Through the Market
An Open Economy
No Indirect Centralization
Minimum Guaranteed Income
Profit Sharing
Neo-corporatism
10.8 Conclusion
Bibliography
11: Tibor Liska’s Entrepreneurial Socialism
11.1 Premise
11.2 Tibor Liska
11.3 Entrepreneurial Socialism
11.4 Liska’s Model and Meade’s ‘Agathotopia’
11.5 Ambiguities and Minor Problems
11.6 Major Objections
11.7 Practical Lessons
Bibliography
Part II: Transition to a Market Economy
Foreword to Part II: Transition to a Market Economy
12: Stabilization and Sequencing in the Reform of Socialist Economies
12.1 Stabilization
12.2 Restructuring
12.3 Developing a Market Economy
12.4 A Naive Approach to Economic Reform
12.5 Global Shock Therapy
12.6 Sectoral or Geographical Gradualism
12.7 A Parallel Currency?
12.8 Alternative Sequencing and Anchoring Patterns
12.9 The Primacy of Domestic Stabilization
12.10 Price Liberalization
12.11 Fiscal Policy
12.12 Monetary Policy
12.13 A Confiscatory Currency Reform?
12.14 Social Pacts
12.15 Resource Transfer
12.16 Factor Markets
12.17 Enterprise Reform
12.18 Privatization
12.19 Trade Liberalization
12.20 Debt Relief
12.21 Conclusion
Bibliography
13: Lessons from the Stabilisation Programmes of Central and Eastern European Countries, 1989–1991
13.1 Introduction
13.2 Gradualism Versus Speedy Transition: Hungary and the ex-GDR
13.3 Stabilisation and Reform Plans, 1989–1991
13.4 The Polish Prototype
13.5 Other Polish-Style Plans, 1990–1991
13.6 Economic Performance
13.7 Political Lessons
13.8 Domestic Macroeconomic Balance
13.9 Monetary Policy
13.10 International Aspects
13.11 Exchange Rate Policy
13.12 Privatisation
13.13 Sequencing, Announcements, Contingencies
13.14 System-Specific Features of Stabilisation
13.15 Costs and Benefits
Bibliography
14: Economic Inertia in the Transitional Economies of Eastern Europe
14.1 Transition and Economic Recession
14.2 Three Reactions: Incredulity, Complacency, Gradualism
14.3 The Adjustment of Households, Private and State Enterprises
14.4 Unchanged Managerial Penalties and Rewards
14.5 Slow Implementation of Essential Reform
14.6 Government Mismanagement of the State Sector
14.7 Policy Implications
Bibliography
15: How Quickly Should Convertibility Be Introduced? Comment
16: Inflation, Interest and Exchange Rates in the Transition
16.1 Introduction
16.2 Exchange Rate Regimes during the Transition
16.3 Initial Undervaluation
16.4 Associated Inflationary Pressures
16.5 Subsequent Real Revaluation
16.6 Offsetting Trade and Exchange Rate Policy
16.7 Interest Rate Differentials
16.8 An Embarras De Richesse: The Growth of Reserves
16.9 Exchange Rate Bands: Poland and Russia
16.10 Summary and Conclusions
Bibliography
17: The Polish Zloty, 1990–1999: Success and Underperformance
17.1 Success
17.2 Sources of Strength
17.3 Underperformance: Initial Undervaluation
17.4 Underperformance: Sterilization or Inflation Costs
17.5 Underperformance: The Devaluation/Revaluation Seesaw
17.6 Prospects
Bibliography
18: Privatisation of Socialist Economies: General Issues and the Polish Case
18.1 Introduction
18.2 The General Case for Privatisation
18.3 System-specific Arguments for Privatisation in Socialist Economies
18.4 The Resilience of Private Ownership
18.5 The Case for Extension of Limited Property Rights
18.6 Ownership and Entrepreneurship
18.7 General Issues: Subjectivisation
18.8 Private Appropriation of State Property
18.9 Privatisation in the Reform Sequence
18.10 The Polish Economic Framework
18.11 Polish Privatisation: Debates and Practice
18.12 The New Polish Law on Privatisation (July 1990)
Bibliography
19: Mass Privatization: Costs and Benefits of Instant Capitalism
19.1 An Unprecedented Experiment
19.2 Common and Distinctive Features
19.3 Complex Multiple Choices
19.4 Delays
19.5 Diversions
19.6 Corporate Control
19.7 Conclusions
Bibliography
20: The Impact of Investment Funds on Corporate Governance in Mass Privatization Schemes: Czech Republic, Poland and Slovenia
20.1 Introduction
20.2 A Comparative Overview of Mass Privatization
Timing and Speed
Size of the Mass Privatisation Programme
Mode of Mass Privatization
20.3 Investment Funds Compared
Legal Regulations of PIFs
PIFs in Practice
Who Controls PIFs?
20.4 Implications for Corporate Governance
20.5 Implications for Economic Performance
20.6 Conclusions
Bibliography
21: The Privatization of Financial Institutions
Bibliography
22: A Counter-Factual Alternative for Russia’s Post-Socialist Transition
22.1 Introduction
22.2 Actual Perestroika
22.3 Back to the Future
22.4 Perestroika Economic Foundations: A) Market Clearing Prices
22.5 Perestroika Economic Foundations: B) Foreign Trade Opening and Rouble Convertibility
22.6 Perestroika Economic Foundations: C) Enterprises, Ownership, Incentives
22.7 Subsequent Challenges, in Russia and Other Transition Economies
Misuse of Central Banks Independence
Lack of Coordination of Monetary and Fiscal Policies
The Perverse Reform of the Pension System
22.8 Conclusions
Bibliography
23: Did We Go about Transition in the Right Way?
23.1 The Transformation Recession
23.2 Three Reactions: Denial, Necessity, Cock-up
23.3 Hyper-Liberalism
23.4 The Washington Consensus
23.5 Gradualism Versus Shock Therapy
23.6 State and Institutions
23.7 The Quality of Policies
Central Bank Independence
Pension Reform
23.8 The Current Crisis
Bibliography
Selected Bibliography of Domenico Mario Nuti
Monographs and Multi-Authored Books
Edited Volumes
Journal Articles, Book Chapters, Working Papers
1967–1980
1981–1990
1991–2000
2001–2010
2011–2018
Miscellaneous
Index