At the end of 1989, most economists agreed that the optimal approach to socialist economic reform involved immediate destruction of old institutions and rapid conversion to capitalist arrangements. This approach is called the radical one. The evolutionary approach has always offered an alternative program of reform. The paper discusses the recent breakdown in the radical consensus and provides a general overview of the evolutionary approach. Two conceptually distinct sets of evolutionary theories are examined-evolutionary economics and conservative political philosophy.
Evolutionary and Radical Approaches to Economic ReformPeter Murrell ,
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Economics of Planning