Summary of Market Failure

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Market Failure book summary


7 Overall

3 Applicability

8 Innovation

7 Style


Contributor Laszlo Andor and editor Martin Summers review the implementation of economic reforms in Eastern Europe. They present a strong critical analysis of the effect of economic reforms on the people in the post Soviet bloc countries. In great detail, they cover the fight to implement Western financial investment policies in order to break communist political legacies. The authors express their dissatisfaction with the results of reforms in the last decade. This is an important book for individuals who want another perspective on the rush to implement western financial policies globally. However, the book assumes some strong background knowledge of the region’s political history and the financial concept of globalization. getAbstract recommends this book to anyone who does business in Eastern Europe or who is intrigued by the politics of economic reform.

In this summary, you will learn

  • How economic reforms have hindered rather than improved the standard of living in the former Soviet Union countries;
  • What the Market Maoist philosophy is and why it is doomed to fail in Eastern Europe; and
  • Why integration of the Eastern economies into the E.U. is taking longer than expected.

About the Authors

Laszlo Andor is a lecturer at the Budapest University of Economic Sciences. Martin Summers is a former East European Desk Officer for the Catholic Fund, and an Overseas Development and East European Project Worker at the New Economics Foundation.



Structural Adjustment Loans and Economic Experiments
An economic experiment is being conducted in virtually all post-communist countries: the transformation of Soviet-style economies into modern, market-based economies. This transformation, called "structural adjustment," is ...

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