What Is To Be Done? Proposals for the Soviet Transition to the Market

Peck, M.J. & Richardson, T.J. (1991). What Is To Be Done? Proposals for the Soviet Transition to the Market. New Haven: Yale University Press. ISBN 0-300-05466-1

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Abstract

This important book presents a bold plan for converting the failing economy of the Soviet Union or its constituent republics to a functioning market economy. Its authors describe the essential logic of the institutions of a market economy and show how these institutions are dependent on one another. They argue persuasively for their drastic and simultaneous reform within the Soviet system either at the central or republican level. Written at the request of Soviet economists and with their participation, the book is fascinating reading for anyone who wishes to understand the worsening economic crisis in the Soviet Union and the reasons why a rapid move to the market would be beneficial and how it can be obtained.

Written before the amazing events of August 1991, the proposals in this book were devised for the Union. Even though new problems now emerge, these recommendations still apply as economic reform is implemented primarily by the Republics.

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