J. Kornai – Market and Socialism

One of the most important legacies of the twentieth century is the rise and fall of the socialist economic system. While countries in Central and Eastern Europe have abandoned socialism and embraced market and democracy, two Asian countries China and Vietnam appeared to have followed a different path, and both economies are growing fast. Yet, although both China and Vietnam are making a decisive transition to the market economy, they have also insisted on the official ideology of socialism.