The definitive text in its field since 1975, the Seventh Edition continues the timely examination of different
economic systems--both in theory and in practice. Gregory and Stuart have revamped the text to mirror major changes
within the global economy of the 21st century. In addition to a new title, the book now features more emphasis
on transition, the acceleration of globalization, present trading agreements, and recent exchange rate regimes.
Parts I-III lay the groundwork for later comparisons by outlining traditional systems (plan and market) as well
as a broad spectrum of system variants. Also, these parts cover the impact of globalization and the emergence of
important regional clusters. Parts IV-VI primarily address the era of transition dating from the late 1980s through
the 21st century.
New! An increased emphasis on transition reflects fundamental changes around the world.
New! The authors have incorporated the latest ideas on privatization, the changing role of the state, and developments
in corporate governance.
New! The discussion of key regional clusters covers Asia, as well as Western and Eastern Europe--giving students
a wide variety of case studies for comparison.
New! The HM ClassPrep with HM Testing 6.0 CD-ROM offers instructors a comprehensive list of support tools,
such as PowerPoint slides, lecture outlines, and a customizable test bank.
Table of Contents
I. Economic Systems: Issues, Definitions, and Comparisons
1. World Economic Systems in the Twenty-First Century
2. Definition and Classification
3. Institutions, Systems, and Economic Outcomes
4. Reform and Transition
II. Theory of Economic Systems
5. Theory of Market Capitalism
6. Theory of Planned Socialism
7. Theory of Market Socialism
III. Economic Systems in Practice
8. The Anglo-Saxon Model
9. The European Model
10. The Asian Model
11. The Soviet Model: Planned Socialism in Practice
12. China: Market Socialism?
VI. Systemic Change in a Global Era: Transition
13. The Command Economies: Performance and Decline
14. An Introduction to Transition: Concepts, Context, Application
15. Transition in the Beginning: Initial Conditions and Measurement Issues
16. Transition in Theory: Models, Policies, Approaches
V. Transition in Practice: The Components
17. Introducing Markets: Privatization and the Decline of Government
18. Introducing the Macroeconomy: Fiscal and Monetary Issues
19. Transition and The Global Economy: International Trade and Finance
20. The Safety Net: Social Services in Transition
VI. Transition and Performance
21. Transition Performance Since the 1980s: What Have We Learned?
22. Economic Systems in the Twenty-First Century
