February 19, 1993

Why Perestroika Failed

The Politics and Economics of Socialist Transformation
  • Peter J. Boettke

    Director, F. A. Hayek Program for Advanced Study in Philosophy, Politics, and Economics

Perestroika was acclaimed in the west but brought empty shelves in the east. Why Perestroika Failed argues that this was inevitable because it was not based on a sound understanding of market and political processes. Even if the perestroika programme had been carried out to the full it would have failed to bring about the structural changes necessary to transform what was the Soviet economy.

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