The article is devoted to the outstanding Latvian economist Kārlis Balodis, who was a non-Marxian socialist, and has entered the history of the world economy with the first attempt to create a science-based model of a socialist economy. In the paper the issue of two models of economic systems is viewed in a broader historical context. K. Balodis’ theoretical findings and his idea of how to use them in real life are based on the analysis of his most remarkable works. The article also includes insights into the weaknesses of the theoretical models of the two economic systems.
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