The discussion of problems of contradiction in the development of the socialist economy has not thus far brought scholars to an agreed opinion on this question. The thought has been expressed in this regard that to frame the question as one of defining a basic contradiction of socialism is false and that under socialism only partial and temporary contradictions can occur, which spring up and are resolved in various periods of the development of socialist society.

Ariane Fischer, David Woodruff, and Johanna Bockman have translated Karl Polanyi’s “Sozialistische Rechnungslegung” [“Socialist Accounting”] from 1922. In this article, Polanyi laid out his model of a future socialism, a world in which the economy is subordinated to society. Polanyi described the nature of this society and a kind of socialism that he would remain committed to his entire life. Accompanying the translation is the preface titled “Socialism and the embedded economy.” In the preface, Bockman explains the historical context (...) of the article and its significance to the socialist calculation debate, the social sciences, and socialism more broadly. Based on her reading of the accounting and society that Polanyi offers here, Bockman argues that scholars have too narrowly used Polanyi’s work to support the Keynesian welfare state to the exclusion of other institutions, have too broadly used his work to study social institutions indiscriminately, and have not recognized that his work shares fundamental commonalities with and often unacknowledged distinctions from neoclassical economics. (shrink)

This book presents a critical assessment of the political and social order in the post-revolutionary decade of the 1990s in both the transitional economies and Western welfare states confronting fiscal crises. As we enter the new post-socialist century, James M. Buchanan argues that we need to think and act on the premise that the future is uncertain. James M. Buchanan examines the political economy of the post-socialist era, analysing the events of 1989-91 and some of their predicted (...) consequences. In addition he reflects upon the influence of those revolutionary years and the reactions to the changes, as well as the role of economists in the new socio-political environment. The political economy of the post-socialist era will be determined by the forces of historical development, social and cultural evolution, directed political change and exogenous shocks. To a large extent, many of these forces cannot be planned for, except directed political change. This insightful new book will be welcomed by political economists, legal and political philosophers, political scientists and public choice economists. (shrink)

This article discusses the value of gift exchange in online social media. In the first part, the authors show how most of the commentators have considered online gifting as an alternative to the classical market economy. Yet the recent territorialization of the web challenges this perspective. As a consequence, the internet can no longer be considered a reply to capitalism. In the second part, the authors argue that in anthropology and social philosophy the term ‘gift’ has often been used improperly, (...) and that gift exchange has nothing to do with goods exchange, but with mutual recognition. In the third part, they use this definition to stress the importance of gift circulation through Facebook’s ‘Like’ button and the Twitter feature called ‘Mention’. In conclusion, the authors deal with the ‘Like economy’, i.e. the interference between gift exchange and market economy which is daily at work online. (shrink)

This paper is a complete student-led, student-edited collective writing project (CWP) conducted virtually in Spring 2022 throughout the course Knowledge Socialism taught by professor Michael Peters for the Faculty of Education, Beijing Normal university. The CWP involves 4 international, 5 domestic Ph.D. students, and 2 senior Western scholars as reviewers, revealing their thoughts, arguments, understanding, and criticisms towards the creative economy status in East Asian countries (Japan and China mostly) higher education as reflected in the knowledge socialism narratives. Xiyuan as (...) the lead author, co-editing with Woraport and Stefan, assigned each section to other authors and successfully devoted themself to organizing, proofreading, and revising the paper. Through a month of collective work, the final version of the paper elaborates on the contribution of East Asian creative universities and the economy as a whole to the knowledge socialism through co(labor)ation, with implications to the creative labors cultivation and shifted roles of students. (shrink)

What sort of economy and state is China? Is it capitalist or socialist? The answer to those questions must start with Marx’s law of value, which defines the nature of mode of production and social relations under capitalism. It continues with an understanding of the concept of a transitional economy between capitalism and socialism. We can define several criteria for an economy in transition to socialism. Based on those criteria, China is not a capitalist economy; its phenomenal economic success (...) is product of a predominantly state-owned and directed economy clearly distinct from capitalist economies, whether democratic or autocratic. However, it is still far away from achieving socialism or communism. It is an economy in a “trapped transition”. It is trapped because it lacks any meaningful forms of workers’ democracy and it is surrounded by the forces of imperialism which seek to strangle it. Indeed, any transition to socialism requires international coordination and unity to develop the productive forces and sustain workers’ control. (shrink)

On reflecting about the prospects of advancing the egalitarian cause in the United States, John Roemer makes the case for more traditional strategies than the coupon socialism model he advocated in earlier work. First of all, he suggests, an ethos of solidarity must be developed and the super-rich be subjected to higher taxation. This comment assesses this proposal. On the one hand it is discussed whether the ethos of solidarity Roemer calls for in order to counteract the culture of greed (...) among American elites requires nurturing an undesirable culture of envy among the rest of the population. On the other hand it is considered whether the neoclassical principal-agent model—that Roemer believes must be contested in order to popularize a steep progressive income tax—might be one of the more promising tools to restructure the incentives of economic elites and curb casino capitalism. (shrink)

This volume unites, for the first time, Books IV and V of Mill's great treatise on political economy with his fragmentary chapters on socialism. His answers to policy questions are still highly relevant today, and Riley's introduction clarifies his distinctive liberal utilitarian philosophy.

This work approaches the phenomenon of guild socialism from a new perspective, focusing on the Douglas Social Credit movement. It explores the key ideas, gives an overview of the main theories and traces their subsequent history. Thoroughly researched, it provides original material relevant to the field of political economy. This early approach to non-equilibrium economics reveals the extent of the incompatibility between capitalist growth economics and social and environmental sustainability.

Bernard Bosanquet insisted that the truth of “moral socialism” — the doctrine that we all form part of a mutually dependent community and that we all have an obligation to put the common good ahead of our personal self-interest — follows necessarily from what we know about the nature of reality and from the logic of ethics. “Economic socialism”, the doctrine, in his view, that there ought to be a central bureaucracy on which all should depend for our continued well-being, (...) indeed, perhaps, for our very existence, is, he urged, the antithesis of moral socialism and is, in fact, a peculiar form of individualism. (shrink)

On reflecting about the prospects of advancing the egalitarian cause in the United States, John Roemer makes the case for more traditional strategies than the coupon socialism model he advocated in earlier work. First of all, he suggests, an ethos of solidarity must be developed and the super-rich be subjected to higher taxation. This comment assesses this proposal. On the one hand it is discussed whether the ethos of solidarity Roemer calls for in order to counteract the culture of greed (...) among American elites requires nurturing an undesirable culture of envy among the rest of the population. On the other hand it is considered whether the neoclassical principal-agent model - that Roemer believes must be contested in order to popularize a steep progressive income tax - might be one of the more promising tools to restructure the incentives of economic elites and curb casino capitalism. (shrink)

Making use of capital to develop China’s socialist market economy requires China not only to fully recognize the tendency of capital civilization but also to realize its intrinsic limitations and to seek conditions and a path for overcoming contradictions in the mode of capitalist production. Karl Marx’s theory of capital provides us with a key to understanding and dealing properly with problems of capital. At the same time we should also pay heed to Western research on, experience with, and (...) lessons from capitalist economies developed over the past four centuries summarized in the field of “business ethics”. (shrink)

Socialism is dead and Christianity, at least in the modern West, is not feeling too good either. What remains of the substantive goals, ethics, and ideals of socialism in an epoch of political defeat and in the aftermath of a century of tragic experiments? Are ‘still existing’ socialists simply nostalgic, seeking consolation in an opiate of lost dreams, or are there fragments of ideas and policies that constitute a still living politics of hope for humanity? Christian socialism is one (...) class='Hi'>socialist tradition well-suited to address these meta-questions of faith, meaning and goal, not least because it has no unitary political ideology, party or even movement. It is argued here that Christian socialism’s best legacy and use-value today is in its historic failure to be anything other than a modest discourse and practice of a social ethic of free association, political pluralism and a gift economy. To these ends, I use a case study of a clash between two rival versions of contemporary Christian socialism. I then explicate the more difficult and radical version to be found in the work of its leading representative. I outline Milbank’s arguments for Christian socialism as a counter ontology to the secular politics of the modern nation state, an alternative complex space that conceives of community as ‘nomadic city’, and a free market economy based on the poetic practice of gift-giving. This is an agenda, a discourse and a poetic practice bound to failure. Therein is its use value to socialism. (shrink)

Socialism Socialism is both an economic system and an ideology. A socialist economy features social rather than private ownership of the means of production. It also typically organizes economic activity through planning rather than market forces, and gears production towards needs satisfaction rather than profit accumulation. Socialist ideology … Continue reading Socialism →.

In standard interpretations of the history of socialism, the cosmological and providential side of nineteenth century socialist thought tends to be ignored. What still today is often considered the core of socialist reasoning was its preoccupation with the claims of producers, its championing of the cause of the working class, its critique of political economy. In the twentieth century, the most characteristic goal of socialist parties - at least until the advent of Tony Blair - has been (...) the socialisation of the means of production. The particular association of socialism with a language of productivism - with work, producers, the character of labour, and a critique of political economy - goes back to the commentaries of the 1830s and 1840s. Adolphe Blanqui, the brother of the famous revolutionary, in his History of Political Economy in Europe published in 1837, described Fourier and Owen as 'utopian economists',1 while Lorenz von Stein in his Der Sozialismus und Kommunismus des heutigen Frankreichs, first published in 1842, defined socialism as a theory which made work the sole basis of.. (shrink)

In this paper, I outline what I take to be the most important theoretical claims and innovations of ‘twenty-first century socialism’ in Venezuela. These, I argue, consist of an emphasis on human development through popular-economy initiatives, and the importance of building popular power through the state, rather than by ignoring or fighting against it. I then present evidence on Venezuela’s Socialist Production Units, one of Venezuela’s newest state-supported popular-economy organisations. I argue that, consistent with the twenty-first-century socialism approach, SPUs (...) are sites of human development in which participants are learning to challenge capitalist social relations, while establishing new values and practices. Therefore, we can think of Venezuela’s popular economy as expressing a sharpened class contradiction.However, my case study also shows that holding hands with human development is class struggle directed against the state. This reveals a central theoretical and practical paradox in twenty-first century socialism, namely that, while nurturing initiatives that challenge capital, the Venezuelan state also emerges as an important barrier to overcoming the class relation. This, I argue, is not wholly consistent with the views of theorists of twenty-first century socialism that understand Venezuela’s popular economy as forming a new form of dual power or a parallel state, and who therefore downplay the importance of struggles against the state within the popular economy. The strategic implication is that struggles between popular-economy participants and the state cannot be avoided, and indeed will need to be fostered if the project for twenty-first century socialism is to continue. (shrink)

Comparison of economic growth in mixed economy and socialist economic systems - reviews economic theories thereon, provides a framework for the economic analysis of acceleration of growth under different initial conditions and for introducing political choice into the economic planning process, includes work on the selection of investment projects in a planning context, as implemented in Poland, and emphasizes political aspects of economic problems.

Making use of capital to develop China’s socialist market economy requires China not only to fully recognize the tendency of capital civilization but also to realize its intrinsic limitations and to seek conditions and a path for overcoming contradictions in the mode of capitalist production. Karl Marx’s theory of capital provides us with a key to understanding and dealing properly with problems of capital. At the same time we should also pay heed to Western research on, experience with, and (...) lessons from capitalist economies developed over the past four centuries summarized in the field of “business ethics”. (shrink)

ABSTRACTSchumpeter’s theory of socialism pivots on his response to Ludwig von Mises’s claim that rational economic calculation is “impossible” in a socialist economy. Mises held that because socialism eliminates market prices for the means of production, it is impossible under socialism to know the relative scarcities of productive inputs, and thus to determine rationally which of any number of technologically feasible production projects to pursue. Schumpeter appears to assume away Mises’s epistemic concerns about socialism by contending that it is (...) theoretically possible to determine which goods should be produced in a socialist economy if all the relevant data are known—which begs the question Mises had asked. Did Schumpeter really commit such an elementary error of interpretation? Or was the appearance of doing so part of his attempt to communicate to the reader of Capitalism, Socialism and Democracy a host of reservations about the likely consequences of socialism in practice, even as he ostentatiously praised its feasibility in principle? (shrink)

Socialism grew up in opposition to capitalism, just as liberalism developed in reaction to feudalism. Both liberalism and socialism combined potent critiques of the existing socio‐economic order with blueprints for a desirable future society. However, liberalism provides a rather more coherent body of thought than does socialism, and its theories are linked with the emergence of a dominant system combining capitalism and liberal democracy. By contrast, no widespread socio‐economic order has as yet emerged which can be confidently or closely associated (...) with the ideas of socialism. In both cases the relationship between theories and actual systems is a contestable one, but it has been particularly problematic in the history of socialism. (shrink)

The unprecedented economic changes taking place in China over the past three decades have led to significant new fiscal pressures for the central and provincial governments. The relative decline of public ownership and rise of the private sector has forced governments to substitute revenues from new taxes for the funds formerly provided by public enterprises. The shift from profit distribution to tax revenues has led to a realignment of power between local governments and the central government while the growing disparity (...) in wealth between have and have-not provinces has increased the pressure on the central government to further consolidate control over tax revenues and to apply the enhanced revenues to fund fiscal redistribution transfers. At the same time, modernization of the economy and the influx of foreign investment have created pressure to revamp tax laws and tax administration so both resemble more closely western market economy norms. These processes may lead to an irreversible shift of fiscal power from provincial governments to the central government and a consequent consolidation of political power, changing forever the political economy of modern China. (shrink)

Christian Socialism is a movement that arose in England in the mid-nineteenth century and continues into the twenty-first century. This form of socialism was aimed, in the first instance, not at institutional reform or the nationalization of the means of production but at what its proponents viewed as the moral rot that lay at the foundation of first industrial and then digital society. They opposed what we call neoliberalism and what was then known as political economy because supporters of these (...) ideologies believed that moral convictions had no proper place in the operation of markets. This conviction rested upon the false belief that people are essentially selfish, competitive individuals seeking personal happiness. The aim of Christian Socialists was to replace this “rotten” moral foundation with another based on the view that people are social and cooperative by nature rather than competitive. Their goal was nothing less than a new society built not upon selfishness and aggression but upon social virtues such as equality, fellowship, cooperation, service, and justice. They did not deny the presence of selfishness; however, they believed that the social nature of humankind lies deeper than egotism and conflict, and they sought a society built upon this belief. (shrink)

The inspiration for this collective writing project began with a digital conference entitled ‘Knowledge Socialism, COVID-19 and the New Reality of Education’ held at Beijing Normal University. In this conference and through this article, multiple researchers spread across six continents have engaged in the collaborative task of outlining emerging innovations and alternative contingencies towards education, international collaboration, and digital reform in this time of global crisis. Trends associated with digital education, knowledge openness, peer production, and collective intelligence as articulated by (...) Michael A. Peters’ conception of Knowledge Socialism are given careful analysis and exploration. Some of the members of this collective endeavor to identify problems, others, begin to draw boxes around potential solutions. Overall, this article engages with real world challenges and innovations that look beyond dominant neoliberal trends in the knowledge economy to build bridges toward novel possibilities in this era of rapid digital change. (shrink)

The transition economy of Vietnam enjoyed remarkable achievements in the first 20 years of economic renovation (Doi Moi) from 1986 to 2006. Notably, the economy grew at an average annual rate of 7.5% in 1991-2000 period. Vietnam’s Amended Constitution 1992 recognized the role of private sector in the economy. U.S.-Vietnam Trade Bilateral Agreement (US-BTA) was signed in 2001. The country's stock market made debut trading in 2000. Vietnam became a member of Association of Southeast Asian Nations (ASEAN) in 1995, then (...) proceeded to full membership of the World Trade Organization in 2007, following which registered foreign direct investment (FDI) reached an all-time high of US$71.7 billion in 2008. Together with the impressive economic achievements, Vietnam also saw its diplomatic and political status constantly improved in the international arena. The country has established diplomatic relations with more than 170 countries in the world, strategic partnerships with 12 important economies, both developed and emerging, namely China, Japan, Russia, India, England, France, North Korea, Italy, Germany, Indonesia, Malaysia and Thailand. The country also successfully hosted important events including the Asia Pacific Economic Cooperation (APEC) in 2006. (shrink)

The complex intersections between socialism and capitalism in China have vexed more than one interpreter. For some, socialism in China since Mao has simply become an empty veneer over rampant and unbridled capitalism.1 For others, the capitalism in China is of such a different variety that it is hardly capitalism at all.2 And for others, “socialism with Chinese characteristics” is a prolonged experiment in the New Economic Program, first attempted in the USSR of the 1920s to rebuild a shattered economy.3 (...) We would like to take a different approach, deploying the dialectic of utopia and dystopia as our interpretive frame. This requires an outline of how such a dialectic works, with references to the proposals of.. (shrink)

In the 1920s, Austrian‐school economists began to argue that in a fully socialized economy, free of competitively generated prices, central planners would have no way to calculate which methods of production would be the most economical. They claimed that this “economic calculation problem” showed that socialism is “impossible.” Although many believe that the Austrian position was later vindicated by the collapse of the Soviet bloc, the Austrian school's own methodology disallows such a conclusion. And historical evidence suggests that poor incentives—not (...) lack of economic calculation—were the main source of the economic defects of “really existing socialism.”. (shrink)

In this addition to the award-winning Church and Postmodern Culture series, respected theologian Daniel Bell compares and contrasts capitalism and Christianity, showing how Christianity provides resources for faithfully navigating the postmodern global economy. Bell approaches capitalism and Christianity as alternative visions of humanity, God, and the good life. Considering faith and economics in terms of how desire is shaped, he casts the conflict as one between different disciplines of desire. He engages the work of two important postmodern philosophers, Deleuze and (...) Foucault, to illuminate the nature of the postmodern world that the church currently inhabits. Bell then considers how the global economy deforms desire in a manner that distorts human relations with God and one another. In contrast, he presents Christianity and the tradition of the works of mercy as a way beyond capitalism and socialism, beyond philanthropy and welfare. Christianity heals desire, renewing human relations and enabling communion with God. (shrink)

Contemporary democratic theorists have tended to assume that democracy is compatible with and even requires a capitalist economic system. Rosa Luxemburg offers a democratic criticism of this view, arguing that the dominating effects of a capitalist economy undermine the ability of liberal democracy to actualise its ideals of freedom and equality. Drawing on Luxemburg’s writings, this article theorises a model of socialist democracy which combines support for public ownership and control of the means of production with a plural multi-party (...) electoral system and a defence of civil liberties. It recovers Luxemburg’s conceptualisation of a socialist democracy as the extension of democratic principles to major social and economic institutions currently governed by nondemocratic authority structures. It defends this version of socialist democracy from the liberal objection that it violates citizens’ property rights and the Marxist objection that it retains the dominating structures of the state and a coercive legal system. (shrink)

The terms ‘knowledge economy’ and ‘knowledge capitalism’ have been used with increasing frequency since the 1990s as a way of describing the latest phase of capitalism in in the process of global r...

Contemporary democratic theorists have tended to assume that democracy is compatible with and even requires a capitalist economic system. Rosa Luxemburg offers a democratic criticism of this view, arguing that the dominating effects of a capitalist economy undermine the ability of liberal democracy to actualise its ideals of freedom and equality. Drawing on Luxemburg’s writings, this article theorises a model of socialist democracy which combines support for public ownership and control of the means of production with a plural multi-party (...) electoral system and a defence of civil liberties. It recovers Luxemburg’s conceptualisation of a socialist democracy as the extension of democratic principles to major social and economic institutions currently governed by nondemocratic authority structures. It defends this version of socialist democracy from the liberal objection that it violates citizens’ property rights and the Marxist objection that it retains the dominating structures of the state and a coercive legal system. (shrink)