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Barry Eichengreen - The European Economy since 1945 (2007)

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Aside from Yugoslavia, experiments with decentralization did not extend to planning innovation, the greatest weakness of the socialist economies. Even where markets were allowed to exert more influence over current production, the state was still responsible for planning the future. And state socialism provided only weak incentives for innovation. The Schumpeterian pressure that forced capitalist firms to innovate or die was not present in the planned economy.

Barry Eichengreen

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Physiology and psychology cover, between them, the field of vital phenomena; they deal with the facts of life at large, and in particular with the facts of human life.
Wilhelm Wundt

Barry Eichengreen

Barry Eichengreen
Creative Commons

Born: January 7, 1952 (age 73)
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