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The soft budget constraints that socialist state-owned enterprises used to enjoy turned out to be one of the main reasons why Soviet-bloc economies failed.
Likening today’s capitalist economies to the communist bloc of yesteryear might seem far-fetched. What could the free market possibly have in common with Soviet-style central planning? However, the comparison increasingly offers useful insights into what has become of the winning side since the end of the Cold War. Consider the “soft budget constraints” that socialist state-owned enterprises (SOEs) used to enjoy and which turned out to be one of the main reasons why Soviet-bloc economies failed. Similar financial conditions are becoming pervasive in capitalist America. As Hungarian Ma...
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Lee Robertson: Long-term business goals are futile By Lee Robertson 10 th March 2021 9:09 am We are encouraged to produce long-term business plans. I used to set such business goals and agonised over projections, all of which turned out to be useless. Any short-term accuracy was soon lost to internal and external factions. Five-year plans were rendered futile. So I now refuse to detail them. It’s not that they are not important but they should be seen merely as a guide point. The problem with long-term goals is two-fold. First, most of us set unrealistic and over...