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Cover -- Half Title -- Title Page -- Copyright Page -- Table of Contents -- List of Tables -- Acknowledgements -- Introduction -- 1. TAXATION AND CENTRAL PLANNING -- Why 'socialist' taxation? -- Allocative mechanisms: Plan, Market and Budget -- Further functions of the Budget sector -- Summary -- 2. MANAGEMENT OF THE SOCIALIST ECONOMY -- Steering mechanism -- The command mechanism -- Economic reform of the steering mechanism -- Summary -- 3. TAXATION AND THE STEERING MECHANISM -- Taxation and reform of the steering mechanism -- Taxation in 'command' and reformed mechanisms -- Financial planning -- Synthetic balances -- Operating plans -- Balances in perspective -- Summary -- 4. TAXATION AND THE STATE BUDGET -- Budgetary revenues -- Overview and comparison of budgetary revenues -- The balance of the Budget -- Bureaus and parabudgets -- Summary -- 5. PRICING POLICY AND TAXATION -- Turnover tax and retail prices in the command mechanism -- Turnover tax and reform of the steering mechanism -- Subsidy policy and reform -- Producer prices and taxation -- Summary -- 6. WAGE POLICY, INCOME DISTRIBUTION AND TAXATION -- Wage policy in reformed steering mechanisms -- Wages tax in reformed steering mechanisms -- Indirect taxation and income distribution -- Income distribution, personal taxation and social security -- Summary -- 7. TAXES ON CAPITAL AND PROFITS -- Capital charges -- Profits tax -- Taxation of the Market sector -- Summary -- 8. CONCLUDING THOUGHTS AND DIRECTIONS FOR FUTURE RESEARCH -- The Complexity of Socialist Tax Systems -- Ideal Characteristics of Future Research -- Research based on Public Finance Theory -- Applications to the Four-Tax Model -- Directions for Further Work: General Equilibrium Analysis and Dis-equilibrium Theory -- INDEX

RESTRUCTURING IS NOW A GLOBAL EFFORT. IN THE CENTRALLY PLANNED ECONOMIES (CPES) OF EASTERN EUROPE AND OF ASIA, AS IN THE OECD (ORGANIZATION OF ECONOMIC COOPERATION AND DEVELOPMENT) STATES AND THE LESS-DEVELOPED CAPITALIST COUNTRIES, THE STATES ARE ENGAGED IN CERTAIN FUNDAMENTAL STRUCTURAL CHANGES. IN EACH OF THESE COUNTRIES DURING THE 1980S THERE WERE BOTH ECONOMIC AND POLITICAL REASONS FOR RESTRUCTURING IN SOME FASHION, AND MANY OF THEM PARALLELED THOSE IN THE REST OF THE WORLD ECONOMY. WHILE NOT MINIMIZING THE IMPORTANCE OF GORBACHEV'S POLICY OF CULTURAL "OPENNESS" AS A WELCOME CONTRAST TO THE OPPRESSIVE CONDITIONS OF THE PRECEDING DECADES, HERE THE AUTHOR FOCUSES ON A NUMBER OF QUESTIONS ON THE DIRECTION OF THE ECONOMY AND THE CONTRADICTIONS IN RESTRUCTURING. THIS FOCUS IN NO WAY IMPLIES THAT THE TRADITIONAL FORM OF SOVIET ECONOMIC ORGANIZATION WAS A PREFERABLE ONE.

Reprinted from a chapter of her book, "Restructuring the world economy." Factors in the trend toward restructuring; 1980s. Productivity, decentralization, incentives, the contract system, IMF/World Bank guidance.

MR. MIKHAIL GORBACHEV'S LATEST REFORM PROPOSALS, THE LATEST STOP IN THE STOP-GO IMPLEMENTATION OF THE REFORM PROGRAMME IN CHINA, AND THE FEAR THAT HAS BEEN EXPRESSED ON THE SHOP-FLOOR IN HUNGARY THAT THE ECONOMIC REFORM MAY ERODE LIVING STANDARDS HAVE ONCE MORE FOCUSED ATTENTION ON THE ISSUE OF ECONOMIC REFORM IN CENTRALLY-PLANNED ECONOMIES. HOW FAR-REACHING ARE SUCH REFORMS? WHAT ARE THE LIMITS TO REFORMS? AND, LAST BUT NOT LEAST, WHAT ECONOMIC AND POLITICAL CONSEQUENCES MIGHT THEY ENTAIL? THESE ARE SOME OF THE QUESTIONS DISCUSSED IN THIS ARTICLE.

This paper presents some general‐equilibrium models of the parallel market in centrally planned economies. The models are based on the hypotheses that private firms can operate more efficiently than bureaucratically‐run state enterprises and that Soviet‐type economies are characterized by price controls and quantitative allocations. The state's enforcement policy is explicitly modeled. Although the welfare implications of the parallel market for workers are ambiguous in general, under a variety of circumstances they turn out to be negative. For instance, responding to the shortage created by price controls, illegal firms divert resources from the official economy into the parallel market. The result is a higher price in the parallel market without any increase in the total supply of the good.