Planning and Coordination of Economic Policy in Market Economies
The purpose of the paper is to analyze the experience of capitalist countries in implementing national economic planning. Planning procedures are examined in order to ascertain whether plans have succeeded in coordinating economic policy. Five operational criteria are formulated that must be satisfied by planning procedures if policy coordination is to be achieved. The planning experience of four capitalist countries, France, Japan, The Netherlands, and Sweden, is then evaluated in the light of the five operational criteria. The conclusion is that planning has been far from successful in coordinating policy.