This second edition of the text offers an approach to understanding different economic systems that reflects both recent transformations in the world economy and recent changes in the field of Comparative Economic Systems. Besides providing a complete theoretical and historical overview, the text focuses on fifteen country studies, organized by economic systems - Advanced Market Capitalism of USA, Japan, France, Sweden and Germany; Transition in former socialist economies of Russia, Poland, Hungry, Yugoslavia and China. The book also discusses "alternative paths" taken by the developing economies of Iran, India (its complex mix of socialism, capitalism, and tradition is examined in a chapter new to this edition), Mexico, and South and North Korea. It also casts a look at future trends that will continue to transform the world economy.

Table of Contents
Preface.
I: OVERVIEW OF COMPARATIVE ECONOMICS
1.How Do We Compare Economies?
2.The Theory and Practice of Market Capitalism.
3.The Theory and History of Marxism and Socialism.
4.Islamic Economics and the Economics of Other Religions.
II: VARIETIES OF ADVANCED MARKET CAPITALISM
5.The United States of America: The Market Capitalist Leader.
6.Japan: A Planned Market Economy with Traditional Elements.
7.Whither Indicative Planning? The Case of France.
8.Sweden: Crisis and Reform of the Social Market Welfare State.
9.The Unification of Germany and the Unification of Europe.
III: VARIANTS OF TRANSITION AMONG FORMER SOCIALIST ECONOMIES
10.The Former Soviet Union: The Myth and Reality of the Command Economy and Russia's Economic Transition.
11.Alternative Paths of Transition in the Former Soviet Union.
12.Poland: The Peril and Promise of Shock Therapy.
13.Hungary: Gardualism and the First Successful Completed Transition?
14.Worker-Managed Market Socialism: The Collapse of yugoslavia and the Success of Slovenia.
15.China's Socialist Market Economy: The Sleeping Giant Wakes.
IV: ALTERNATIVE PATHS AMONG DEVELOPING ECONOMIES
16.India: The Elephant Walks.
17.Iran: The Struggle for a New Traditional Islamic Economy.
18.Revolution and Reform in the Mexican Economy.
19.North and South Korea: The Lingering Shadow of the Cold War.
20.Evolving Trends of the Transforming World Economy.
Glossary.
Index.