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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 6: Otto Bauer 1917–38

John E. King


Chapter 6 deals with the work of the mature Otto Bauer between 1917 and his death in 1938. In the 1920s he published books and many articles on the contemporary problems of the Austrian economy that touched on important economic issues. Later in the decade he gave a course of lectures on Marxian political economy, the text of which constitutes a long and systematic textbook on Marxian economics. With the onset of the Great Depression and the Stalinist industrialisation of the Soviet Union, Bauer returned to the question of crisis theory and revised his views on the Soviet economy. I conclude this chapter by discussing his books on Capitalism and Socialism After the World War: Rationalisation and False Rationalisation, the still unpublished manuscript on The Economic Crisis, and his last major work, Between Two World Wars? The Crisis of the World Economy, Democracy and Socialism.

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