These extracts concern the relationship between market and plan, or how to organize an economy to best satisfy demands for efficiency, compassion and freedom. Beginning with Karl Marx, this volume presents the non-market, market and mixed market models. It includes the socialist calculation debate and the experiences of Russia, East-Central Europe, Sweden, the US and China.
Problems associated with cronyism, corporatism, and policies that favor the elite over the masses have received increasing attention in recent years. Political Capitalism explains that what people often view as the result of corruption and unethical behavior are symptoms of a distinct system of political economy. The symptoms of political capitalism are often viewed as the result of government intervention in a market economy, or as attributes of a capitalist economy itself. Randall G. Holcombe combines well-established theories in economics and the social sciences to show that political capitalism is not a mixed economy, or government intervention in a market economy, or some intermediate step between capitalism and socialism. After developing the economic theory of political capitalism, Holcombe goes on to explain how changes in political ideology have facilitated the growth of political capitalism, and what can be done to redirect public policy back toward the public interest.
In this text, Roemer proposes a new future of socialism based on a redefinition of market socialism. The Achille's heel of socialism has always been maintaining innovation and efficiency in an economy in which income is equally distributed. Roemer points out that large capitalist firms have already solved a similar problem: in those firms, profits are distributed to numerous shareholders, yet they continue to innovate and compete. The author argues for a modified version of socialism, not necessarily based on public ownership, but founded on equality of opportunity and political influence.
Christopher Pierson assesses the evidence of terminal decline, but finds rather a whole series of deep-seated challenges to traditional forms of socialist and social democratic thinking. Above all, these problems are to be found in the political economy of social democracy and its commitment to incremental change in the context of an increasingly globalized market economy. The latter chapters of the book are devoted to an assessment of market socialism, one of the most vigorous and innovative attempts to seek to recast socialist aspirations under these quite changed circumstances. In essence, market socialism represents an attempt to reconcile new forms of social ownership with the seeming ubiquity of the market. Having outlined this position, Pierson carefully and systematically critiques it and, in the process, develops a set of distinctive arguments about the nature of social ownership, the potential of the labor-managed economy, and the appropriate forms for an extension of economic democracy.
In this book, János Kornai examines capitalism as an economic system and in comparison to socialism. The two essays of this book will explore these differing ideologies on macro and micro levels, ending with definitive explanations of how the systems work and how they develop.
The subjects common to the eight studies in this book are socialism, capitalism, democracy, and change of system. The studies are arranged according to the course of history. The starting point is the "classical", pre-reform socialist system (study 1). Then come the discussions about reforms that remain within the socialist system (studies 2 and 3). The second half of the book concerns the subject of the change of system (studies 4-7).
Shlapentokh undertakes a dispassionate analysis of the ordinary functioning of the Soviet system from Stalin's death through the Soviet collapse and Russia's first post-communist decade. Without overlooking its repressive character, he treats the USSR as a "normal" system that employed both socialist and nationalist ideologies for the purposes of technological and military modernization, preservation of empire, and expansion of its geopolitical power. Foregoing the projection of Western norms and assumptions, he seeks to achieve a clearer understanding of a civilization that has perplexed its critics and its champions alike.
Although both China and Vietnam are making a decisive transition to the market economy, they have also insisted on the official ideology of socialism. This book studies fundamental issues concerning the relationship between market, property rights, and the ideology of socialism.