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The Alternative Austrian Economics

A Brief History

John E. King

For most economists, ‘Austrian economics’ refers to a distinct school of thought, originating with Mises and Hayek and characterised by a strong commitment to free-market liberalism. This innovative book explores an alternative Austrian tradition in economics. Demonstrating how the debate on the economics of socialism began in Austria long before the 1930s, it analyses the work and impact of many leading Austrian economists through a century of Austrian socialist economics.
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Chapter 2: ‘Red Vienna’ and the roots of Austro-Marxism

John E. King


Chapter 2 describes the economic, political, cultural and intellectual background to the alternative Austrian economics, drawing on some of the huge literature on ‘Red Vienna’ before and after 1914. I set out the main principles of Austro-Marxism, emphasising both its similarities with and the significant differences from other versions of the Marxism of the Second International. I conclude the chapter by introducing the socialist participants in Eugen von Böhm-Bawerk’s famous graduate economics seminar, whose ideas are discussed in detail in the other chapters.

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