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The Socialist SystemThe Political Economy of Communism$
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Janos Kornai

Print publication date: 1992

Print ISBN-13: 9780198287766

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198287763.001.0001

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Investment and Growth

Investment and Growth

(p.160) 9 Investment and Growth
The Socialist System

János Kornai (Contributor Webpage)

Oxford University Press

This chapter addresses long‐term economic planning under the classical socialist system. The first two sections describe the motives of the participants and the centralized institutional framework of the investment process. The remaining sections examine the structure and dynamics of economic growth—investment in relation to consumption, priorities in the allocation of investments, relations between production factors and output, growth cycles, the measurement of aggregate output, and the forced growth that is characteristic of the socialist system.

Keywords:   classical socialism, consumption, economic growth, economic planning, forced growth, growth cycles, investment, output, production factors, socialist systems

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