market economy

…system of socialist self-management to market-oriented capitalism. This required such measures as the sale of state-owned enterprises to private owners, the establishment of functioning markets, and the creation of stable prices, interest rates, and currency. The accomplishment of these tasks proved difficult, largely because of the destabilizing effects of war.…

Accompanying these ideological and institutional changes were changes in economic institutions. Highly centralized economies under state control had enabled political leaders to use their ready access to economic resources to reward their allies and punish their critics. As these systems were displaced by…

These general considerations throw into relief the nature of the economic problems that must be resolved in a system of market coordination. Such a system must be distinguished from the mere existence of marketplaces, which originated far back in history. Trading relations between…

By the end of the 19th century, some unforeseen but serious consequences of the Industrial Revolution in Europe and North America had produced a deepening disenchantment with the principal economic basis of classical liberalism—the ideal of a market economy. The main problem was…

…became increasingly involved in the market-oriented global economy, for which it was ill-suited. To try to achieve economic stability, the postcommunist government introduced an approach known as “shock therapy,” which sought both to control inflation and to expedite Poland’s transition to a market economy. As part of that plan, the…

A market economy, rather than a redistributive economy, is the hallmark of these sites, and they were important supplements to the regionally dispersed smaller villages and farmsteads. Commodities became direct wealth, and the exchange of different values was monitored through coins. A drastically altered society was…

…reforms that would introduce a market economy, and Yeltsin also cut funding to a large number of Soviet agencies based on Russian soil. Clearly, Yeltsin wished to rid Russia of the encumbrance of the Soviet Union and to seek the disbandment of that body. In the later Gorbachev years, the…