oa South African Journal of Economic and Management Sciences - Neosynthesis in Economic Theory
The large-scale transition from the system of (real) socialism to that of (mixed) capitalism was launched in central and eastern Europe in 1989, followed by the erstwhile republics of the USSR two years later. These developments also served to open the previously closed book of socialist economics to objective study and research. Much has been written on the subject by economists on both sides of the one-time iron curtain. But what are the impressions of an insider looking out'? It may come as a surprise that he might view the theoretical foundations of the market economy with serious misgivings.
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