Capitalism, Communism, and Coexistence: From the Bitter Past to a Better Prospect

For 10 days in his Vermont farmhouse, liberal economist Galbraith (The Affluent Society) held a minisummit with Menshikov, a Soviet economist who edits Prague's party journal. This transcript of their cautious talks offers fresh ideas for those seeking closer U.S.-Soviet relations. Both agree that their respective countries should cooperate on medical research, development of energy sources and the war against narcotics. Both are receptive to joint economic projects that might stimulate an expansion of trade. They also criticize establishment interests on both sides that seek to perpetuate the cold war. As the duo takes turns cross-examining each other on the relative merits of capitalism and communism, Menshikov offers a picture of socialism at odds with the one commonly found in the U.S. news media. Galbraith calls for higher taxes in the U.S. but otherwise offers few concrete proposals to remedy what he sees as a capitalism in decline since 1970. Author tour. (May)