ABSTRACT
On July 24, 1959, in front of a replica of a suburban American kitchen at the US Trade and Cultural Fair in Sokolniki Park, Moscow, Soviet leader Nikita Khrushchev and Vice President Richard M. Nixon engaged in an impromptu debate about the merits and disadvantages of capitalism and communism. This informal exchange became known as the “Kitchen Debate.” The short debate centered on the overall objective of economics tomaximize social welfare andwhich form of economic system has resulted in improving social welfare subject to limited resources.
