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Global Political Economy Outline & Presentation - Book Report/Review Example

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The article presents information about the economic system of the Soviet Union. It discusses the logic applied in its institutions and various interactions while pointing out the natural economic…
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Global Political Economy Outline & Presentation
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Oral Presentation Outline Introduction Soviet’s traditional model of the command economy disastrously failed. The articlepresents information about the economic system of the Soviet Union. It discusses the logic applied in its institutions and various interactions while pointing out the natural economic consequences. The author identifies a number of mutually dependent characteristics that stakeholders should change to enable the initiation of reforms.
The Traditional Soviet System
The system is a centralized planning, implemented administratively through the issuing of detailed and extensive coordinating instructions and direct commands. Subordinates offer information and viable suggestions that have greater inspiration on the commands. Nevertheless, subordinates normally possess little independence in determination of the directive of commands.
Institutional Structure
The characteristics of the Soviet economic, institutional structure are as follows:
The state owns natural resources and capital
The state conducts all production activities
Legal private production is relatively small
Complex hierarchical administrative structures maintain the priorities of political leadership
Parallel monitoring hierarchies exist outside the economic chain
1. Planning, Control and Coordination
Planning entails iterative communication and negotiating amongst the existing fundamental agencies
Communication and negotiation takes place in the form of sequence of commands from the managers to the subordinates
Control figures are explained in escalating detail down the managerial hierarchy
Commands are based on the prevailing outdated information
Planning and coordination involves approximately 10000 operational units and 10 million distribution processes with 24 million products
Planning encompasses interactive communication among central agencies from senior officers
The administration sets prices, wages, and salaries
Operational units rejoin to the duties by demanding capital and measurable resources
2. Plan Implementation and Economic Behavior
Execution decisions are mainly compartmentalized by the underlying managerial hierarchy
Subordinate solely trail and care about dispersed plan objectives
The complex structure poses planning problems
Consistency lacks in the issue of commands
The implementation process is marked by ignorance of subordinates
The subordinate conduct only the assigned orders
The system causes interference in the production output
3. Strengths and Weaknesses of the Traditional System
Strengths
Suitable for mobilization of scarce resources
Simplicity in planning, communication, verification and monitoring process
Effective for central priorities
Weaknesses
Difficulty in the measurement of opportunity costs
Inhibition of fine-tuning and feedback due to inflexibility of planning
Departmentalism inhibits the centralization of goals
Implication for Reform
A market-based system is significant for USSR. The system will have the following characteristics:
Free, market-determined prices
Independence of firms motivated by economic factors
Initiation of industrial regulation to replace of industrial planning
A modern financial system including financial intermediaries, commercial banking and exchanges
Conclusion
The current state of the traditional system poses challenges to reformers in the quest to initiate relevant changes in the system. Thus, for the fruitful reform, systems should the Faustian compulsion to predict and control. Thereby, the systems can permit the natural occurrence of economic outcomes based on market interactions.
Work Cited
Ericson, Richard E. "The Classical Soviet-Type Economy: Nature of the System and Implications for Reform." Journal of Economic Perspectives 5.4 (1991): 11-27. Web. 13 Nov. 2014. https://www.aeaweb.org/articles.php?doi=10.1257/jep.5.4.11 Read More
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