SUBJECTIVISM, INTELLIGIBILITY AND ECONOMIC UNDERSTANDING: ESSAYS IN HONOR OF LUDWIG M. LACHMANN ON HIS EIGHTIETH BIRTHDAY Edited by Israel M. Kirzner New York: New York University Press, 1986. 319 pp., $35.00.

COMMUNISM AND DEVELOPMENT by Robert Bideleux New York: Methuen, 1985. 315 pp., $39.95 (paper) MARXISM, SOCIALISM, FREEDOM: TOWARDS A GENERAL DEMOCRATIC THEORY OF LABOUR?MANAGED SYSTEMS by Radoslav Selucky New York: St. Martin's Press, 1979. 237 pp., $22.50 UNORTHODOX MARXISM: AN ESSAY ON CAPITALISM, SOCIALISM AND REVOLUTION by Michael Albert and Robin Hahnel Boston: South End Press, 1978. 379 pp., $8.50 (paper).

Paul Davidson asserts that Post Keynesians could fare just as well without insights from their Austrian colleagues. He's wrong. Radical subjectivists within both schools of thought have something to gain through dialogue, as evidenced by the efforts of Kenneth Boulding, G.L.S. Shackle, and Ludwig Lachmann. Many Austrian and Post Keynesian economists share a common methodological principle of radical subjectivism, which emphasizes nonergo?dic constructs and systems indeterminacy, and each school can gain from the insights of the other when asking such questions (...) as why capitalism generates recessions and depressions and why capitalism generates any degree of order at all. (shrink)

THE RANDLORDS by Geoffrey Wheatcroft. New York: Atheneum, 1986. 314 pp., $17.95. CAPITALISM AND APARTHEID: SOUTH AFRICA, 1910?1984 by Merle Lipton. Totowa, N.J.: Rowman & Allanheld, 1985. 400 pp., $19.95. THE ECONOMICS OF THE COLOUR BAR by W. H. Hutt. London: Institute of Economic Affairs, 1964.

Peter Abell's review of Marxism and Workers’ Self‐Management misses the mark. Contrary to Abell's assertions, my book neither champions a postmodern case for self‐management, nor does it try to salvage a socialist case for self‐management by focusing on Marx's humanism. Self‐managed firms require markets. It may be interesting to ask if that saves Marx, or if that also requires postmodernity, but these were not the concerns or arguments of the book.

With the demise of socialism in Eastern Europe, the Western welfare state is treated as the unquestionable alternative by most intellectuals. They have yet to come to terms with what Claus Offe, the German sociologist, describes as the contradictions of the welfare state and the persistent crises of crisis management. This paper critically assesses Offe's contribution in light of the recent reforms in ?really existing socialism.?; The author contends that although Offe's neo?Schumpeterian argument goes a long way toward explaining the (...) present instability of the welfare state and the contradictions of state intervention in general, including that of the socialist?interventionist state, Offe does not realize that his analysis casts into serious doubt the claim that the welfare state is a viable corrective to either unbridled markets or state socialism. (shrink)