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Abstract
Three basic directions of the economy's perestroyka (social orientation, uskoreniye of technological readjustment, and restructuring of management in enterprises) are outlined by its leading architect and advisor to General Secretary Gorbachev. The presentation, commencing the first joint Soviet Economy round-table, is followed by questions and comments by American participants relating to sequence, momentum, transition, anticipated consequences and contradictions in the reform. A rejoinder covering such issues as priorities, price formation, adaptation to change, allocation of resources and comparison with the Hungarian and other models, is followed by a concluding exchange of views on competition. Journal of Economic Literature, Classification Numbers: 027, 052, 124.