INTRODUCTION

Central planning of the Soviet type is now in disrepute. Throughout Europe and Asia, the dominant economic model of socialism has been abandoned or is being radically transformed. The old command system is being dismantled and the tasks of economic co-ordination and discipline are being increasingly performed by the market. In some countries this process has been accompanied by widespread privatization of state assets. In others, public ownership may remain important for the indefinite future, but even in these countries the private sector is growing rapidly and expanding its share of total production. Thus, in terms of property rights and the role of markets, the formerly centrally-planned economies are taking on many of the features traditionally associated with the rival capitalist model.