| Publication |
2011.
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| Summary/Abstract |
The collapse of the Soviet Union in December 1991 was multiple, but the demise of the very economic system was one important component that in itself rendered its implosion inevitable, and with the Soviet collapse the Cold War came to a definite end. The purpose of this article is twofold, to depict this amazingly fast demise of a petrified economic system and to show how it was connected with the end of the Cold War. Today, the case for socialism is no longer persuasive, but it was not always so. Once, many intelligent people considered socialism not only morally but also economically superior to capitalism and democracy. They thought a benign state would pursue higher ideals than a petty democracy and execute them more effectively. In order to understand the demise of the socialist economic system, we need to comprehend its advantages as well as its drawbacks.
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