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Makoto Itoh

32. Market socialism Makoto Itoh Market socialism explicitly incorporates the market into the socialist economic order in contrast to a model of a totally planned socialist economy which seeks to eliminate the market. This notion has historically attracted broad attention on two occasions: firstly, in the period when the Soviet-type of centrally planned economy was being formed in the 1920s and 1930s, after the Russian revolution and, secondly, half a century later, when the Soviet-type economy stagnated and eventually collapsed. The Chinese experiment can be

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Geoffrey M. Hodgson

Is Socialism Feasible? 2.    Small socialism requires frugality or markets I doubt whether those who have been comfortable and contented in their old mode of life, will find an increase of enjoyment when they come here. William Owen in 1825, from New Harmony, Indiana, USA 1 This chapter examines the theory and practice of small-socialist experiments. It is shown that a key problem from the beginning was to establish enduring and workable rules of governance. A second issue concerned the developmental capacities of the socialist

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Ania Plomien

10. Women and the labor market in Poland: from socialism to capitalism Ania Plomien INTRODUCTION Two major external changes affected Central and Eastern European (CEE) countries during the last two decades: the fall of communism (1989) and the protracted membership negotiations that led Poland to accede to the European Union (EU) in 2004. Globalization may not have ‘caused’ communism to fall or encouraged Poland to join the EU, but the external phenomenon is undoubtedly linked to these internal events. Poland, in addition to implementing deep changes

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David L. Prychitko

12. Does market socialism have a future? From Lange and Lerner to Schumpeter and Stiglitz Joseph Stiglitz dropped a bomb on the post-communist literature with the publication of his Whither Socialism? in 1994. I had argued in the previous chapter that the modern welfare state has emerged as the Left’s ideal, and yet Stiglitz, an eminently respectable economist, published a defense of market socialism shortly thereafter. Surely Stiglitz must be taken seriously. In this chapter I shall explore Stiglitz’s general case for a renewed vision for market socialism.1 I

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David S. G. Goodman

JOBNAME: Guo PAGE: 3 SESS: 3 OUTPUT: Tue Dec 1 10:55:31 2015 12. China’s emerging ruling class: power, wealth, and status under market socialism David S.G. Goodman For over 30 years the People’s Republic of China (PRC) has been reforming its state socialist political economy. The introduction of market forces, the phasing out of state socialist planning procedures, and the emergence of new entrepreneurial classes have led many commentators to emphasize the extent to which China has embraced capitalism or capitalist economic practices (Chen, A. 2002; McNally

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Geoffrey M. Hodgson

national scale’. 27 In 1840 Pierre-Joseph Proudhon suggested a similar system of independent worker cooperatives that could freely enter into contracts. He proposed ‘mutualist associations’ of groups of workers who would pool their labour and their property, holding these resources in common. To distance themselves from the statist socialism of Marxists and others, Proudhon and his followers often described their philosophy as anarchism. 28 Many socialists like cooperatives, but they dislike markets. They may support independent cooperatives, believing eventually

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Geoffrey M. Hodgson

Is Socialism Feasible? 4.    Knowledge, complexity and the limits to planning Economic accounting is unthinkable without market relations. Leon Trotsky (1933) 1 The rejection of market exchange as the central organizing practice of a modern economy leads inexorably to heavy reliance on state coercion. John Gray (1998) Big socialism – whether Marxist or otherwise – makes the underlying assumption that society as a whole can be governed by the rational deliberation of leaders or committees, perhaps somehow with the input of the

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John E. King

first wife, Anna Schapire (Cartwright et al. 1996, p. 13) and reviewed by none other than Joseph Schumpeter (1910). Neurath’s interest in the economics of socialism was derived from his strong criticism of the capitalist market economy and was strengthened by his growing interest in the economics of war, on which he published several dozen articles, academic and non-academic, between 1909 and 1919. Fifteen of them were collected and published as a book, Durch die Kriegwirtschaft zur Naturalwirtschaft ( Through War Economy to Natural Economy ) (Neurath 1919). In

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Geoffrey M. Hodgson

Is Socialism Feasible? 5.    Social knowledge and freedom to choose Cognition is the most socially-conditioned activity of man, and knowledge is the paramount social creation. Ludwik Fleck (1979) There is a prominent dilemma in the debate between supporters of capitalism and of socialism. Should the individual’s choices always be sacrosanct, or sometimes would it be better for the state to make those decisions on behalf of the individual? Market-fundamentalist libertarians argue that because of the inaccessibility of much personal

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Geoffrey M. Hodgson

heterodoxy, some ramifications of Joan Robinson’s socialism, and the general Cambridge neglect of the socialist calculation debate. The chapter finishes on the battles between ‘left’ and ‘right’ in the Faculty of Economics and Politics and on the active promotion of Cambridge heterodox ideas in North America and elsewhere. 2 The avoidance of some key microeconomic issues, the neglect of the socialist calculation debate and the tendency to assume that neoclassical theory is generally pro-market are all unfortunate features that persist to this day in the global networks