This course focuses on the comparative analysis of the economies of different countries. It develops a theoretical framework for comparing two polar types of economic system - capitalist and socialist - and examines the economies of the United States and the former Soviet Union as representative examples of these polar types. Other countries are studied to develop an appreciation of the broad range of economic systems found in the real world.

CILO-1: Analyze the economic concepts and theories underlying the transition from centrally-planned economies to market economies, with a focus on the role of institutions and institutional change. CILO-2: Evaluate the challenges and opportunities faced by transitional economies, such as China and East European countries, in implementing market-oriented reforms and building efficient economic organizations. CILO-3: Apply transaction-cost economics and related frameworks, including organization theory and contract theory, to real-world examples of economic transition and organizational restructuring. CILO-4: Describe the complexities and nuances of economic organization, institutional change, and market-oriented reform, and the implications of these phenomena for economic growth, development, and policy.