By Geoffrey M. Hodgson
Because the fall of the Berlin Wall we now have been advised that no replacement to Western capitalism is feasible or fascinating. This publication demanding situations this view with arguments. First, the above premise ignores the big type inside of capitalism itself. moment, there are huge, immense forces of transformation inside of modern capitalisms, linked to strikes in the direction of a extra knowledge-intensive financial system. those forces problem the normal bases of agreement and employment, and will result in a rather various socio-economic process. with out providing a static blueprint, this publication explores this attainable state of affairs.
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Additional info for Economics and Utopia: Why the Learning Economy is Not the End of History (Economics as Social Theory)
This solution is not attractive to many socialists. A popular alternative is often described as ‘democratic socialism’. This involves democratic debate between the exponents of various plans, reaching some decision by a system of voting. In this case the minority plans may still be blocked, but by democratic vote rather than dictatorship. The possibility of such a democratic system will be discussed in more detail below. A third method is to use the market and the price mechanism. One person plans to produce a new commodity.
The lateness of such developments must be emphasised. From the 1830s to the 1950s, the word ‘socialism’ has been linked to the idea of overall common ownership, emanating from writers such as Owen or Marx. In the long history of the socialist movement, only two significantly distinct alternative forms of proposed ‘socialist’ economic organisation have emerged, but until the 1950s they were marginalised to the extreme. The first alternative is often today described as ‘market socialism’. It has not been popular among socialists because it involves the use of the market as an overall mechanism of coordination and regulation.
284). Even Fabian socialists had an ‘ultimate vision of a fully planned and consciously controlled socialist economy’ where markets were gradually marginalised to insignificance. Thompson (p. 285) concluded: For the most part, however, their critique of the functioning of the market led nineteenth century socialist writers to throw the market baby out with the bath water. the consequences of this determination to abandon the market were little short of disastrous for the subsequent evolution of socialist economic thinking.