Comparative Performance of Countries Relating to Different Economic Systems: A Social Accounting Approach

Abstract

This chapter is devoted to developing and applying a quantitative framework for evaluating the performance of economic systems. We shall begin with introducing basic elements of an evaluation framework, then review alternative analytical frameworks and end up with choosing the Social Accounting Matrix model, SAM, as a comprehensive and an easily workable model for evaluating comparable economies. We shall then apply the SAM to evaluate the performance of countries allied with the major economic systems treated in this book. Section 9.3 deals with the comparative performance of the economies of Western Europe and Eastern Europe. Section 9.4 offers a comparative analysis of the performances of the Russian and Chinese economies in the midst of their economic transitions. Section 9.5 comments on the limitations of the SAM model, and Section 9.6 contains a summary and conclusions.