Division of Labor and Welfare: An Introduction to Economic Systems

Intended as a main or supplementary text for students, this book provides an excellent starting point for the study of comparative economic systems. Putterman selects three types of economic systems--capitalism, centralized socialism, and decentralized workers' management--and systematically assesses their ability to achieve certain objectives. He begins by defining economy and economic system, explains what is meant by division of labor, and suggests criteria for evaluating the success of each system in solving problems raised by that division, both under ideal conditions and under increasingly realistic and adverse conditions. Throughout, Putterman illustrates the ways in which economic arrangements matter not only to society's economic performance, but to virtually all aspects of people's lives. He considers the question of whether economic systems should be viewed as objects of choice by societies and collectives and whether it is possible to understand them in a manner free of ideological bias.Putterman, Louis is the author of 'Division of Labor and Welfare: An Introduction to Economic Systems' with ISBN 9780198772989 and ISBN 019877298X.