Economic transition in historical perspective Book

For the most part, economists, especially from the West, have treated the problem of economic transition in an unhistorical manner, ignoring the rich body of literature in the history of economics that addresses the complex issues of economic, social and cultural transformation. To bring to light some of these insights, the editors have gathered together contributions which highlight the many contributions of Adam Smith, Karl Polanyi, the Classical economists, Plato, Friedrich Hayek and the Catholic social tradition to the questions of the transformation of economies and societies. The contributors show that the lack of success of many reforms should have been expected because of the lack of historical and social context. Furthermore, the political backlash many of the reforms have experience is also expected by anyone familiar with the work of Karl Polanyi, especially his The Great Transformation (1944). Starting the necessary move towards looking at the economic and social problems of Eastern and Central Europe in their specific social and historical context, this book pushes towards a great understanding of economic transition as a political, social, cultural as well as economic process. Contents: Plato on Topos, economy and transition; Karl Polanyi's Great Transformation and the current transformations in central Europe; On building up a market society: lessons from the Wealth of Nations and The Great Transformation; Groundwork for an institutional economic approach to "transition": Smith and the Polanyi reconsidered; The money fiction and central banking; Labour: a fictitious commodity needs instituted power; Three paths to capitalism: an agenda for research; Friedrich vonHayek's idea of spontaneous social order and transforming the socialist economy; Worldly advice from other-worldly philosophers: catholic social thought and the problem of transition; The promotion of national prosperity. Author Biography: Charles Clark is Professor of Economics, Peter J. Tobin School of Business and Senior Fellow, Vincetian Centre for Church and Society, St John's University, New York. USA. Janina Rosicka is Chair of the History of Economic Thought at Jagiellonian University, Krakow, Poland