Aside from Yugoslavia, experiments with decentralization did not extend to planning innovation, the greatest weakness of the socialist economies. Even where markets were allowed to exert more influence over current production, the state was still responsible for planning the future. And state socialism provided only weak incentives for innovation. The Schumpeterian pressure that forced capitalist firms to innovate or die was not present in the planned economy.

What It Means

This is a placeholder explanation generated by the low-overhead model. It interprets "Aside from Yugoslavia, experiments with decentralization did not extend to planning innovation, the greatest weakness of the socialist economies. Even where markets were allowed to exert more influence over current production, the state was still responsible for planning the future. And state socialism provided only weak incentives for innovation. The Schumpeterian pressure that forced capitalist firms to innovate or die was not present in the planned economy." in the context of "Barry Eichengreen, The European Economy since 1945: Coordinated Capitalism and Beyond (2008) Chap. 5: “Eastern Europe and the Planned Economy”, Princeton University Press, p. 154." to mean that wisdom is timeless.