INSTITUTIONAL AND THEORETICAL IMPLICATIONS OF ECONOMIC CHANGE.

This article discusses the institutional and theoretical implications of the economic theory. The author compares the economy of the U.S. with other countries like Great Britain and other Scandinavian countries. The economic system of Soviet Russia, together with its political, social and cultural manifestations, cannot be considered socialistic in any sense. The Soviet society is far more authoritarian and less egalitarian than U.S. economy and the workers in this country have far less control over the conditions of their employment. U.S. Economic system is characterized by capitalism, which means private property, individual enterprise and competition. A program "New Dealers" was implemented in the U.S. that looked at the great depression, which reached its depth in the early nineteen-thirties, when American industry was no longer characteristically competitive. Conservative businessmen and orthodox economists as inconsistent with the principles of capitalism initially denounced the measures that the New Deal brought into agriculture, in industry and in monetary and budgetary policy.