Capitalism, socialism and property rights : why market socialism cannot substitute the market / Mateusz Machaj ; translated by Kacper Potocki.

Format:

Book

Author/Creator:

Machaj, Mateusz, author.

Contributor:

Potocki, Kacper, translator.

Series:

Austrian economics

Standardized Title:

Kapitalizm, socjalizm i prawa własności. English

Language:

English

Polish

Subjects (All):

Right of property.

Property.

Capitalism.

Socialism.

Physical Description:

ix, 226 pages ; 24 cm.

Place of Publication:

Newcastle upon Tyne : Agenda Publishing Limited, 2018.

Language Note:

Translated from the Polish.

Summary:

The comparative analysis of socialist and capitalist economic systems has given rise to a voluminous literature in the history of economic thought, yet detailed analysis of the "market socialism" model, which seeks to imitate the functional efficiency of capitalism by simulating a competitive economy, has been relatively neglected. In this work, Mateusz Machaj seeks to redress this imbalance by providing an in-depth examination of one of the defining issues that separates capitalism from socialism--the system of ownership, or property rights--which, when explored, highlight fundamental problems in the market socialism model. Taking a broadly Austrian perspective, he shows that the mechanism of efficiency in market socialism is unable to play the part ascribed to it by its theoreticians, because it disregards the fact that property rights are fundamental to the shaping of prices and thus the abolition of ownership in market socialism makes its mechanism of efficiency a fiction. Indeed, Machaj argues, the economic terms used in the model of market capitalism only mirror the names of the real economic variables that cause capitalism to be efficient, not their functions. The book offers new and original insights into the theory of competition, theories of pricing, property laws, and the relation between law and economics, as well as the economics of the market-socialism model. It will be of interest to a wide range of heterodox economists.-- Provided by Publisher.

Contents:

Machine generated contents note: ch. 1 Legal fundamentals of economic systems

1.1.Economic analysis and the concept of property

1.2.The problem of the "economic analysis of law" and relations between law and economics

1.3.Natural law and positive law

ch. 2 Evolution of the socialist calculation challenge

2.1.Mises and the (un)resolvable puzzle

2.2.Taylor's project

2.3.Hayek's attempted solution

ch. 3 Neoclassical cruising around the Misesian challenge

3.1.A proposed mathematical solution

3.2.Lange's competitive model

3.3.Schumpeter's mechanistic approach

3.4.Walter Eucken: the debate's most underestimated contributor

ch. 4 Property and the market process

4.1.Ownership and the foundations of society and the economy

4.2.Ownership and the development of money

4.3.Ownership and the pricing of heterogeneous resources

4.4.Consumer sovereignty and the distribution of income

4.5.Theories of valuation: ownership and mathematics

Note continued: ch. 5 Property in the dynamics of the market process

5.1.Calculation, intellectual division of labour and dispersion of knowledge

5.2.Ownership-based analysis of profits and losses

5.3.Ownership of factors of production and consumer sovereignty

5.4.The entrepreneurial division of labour versus division of labour

5.5.The stock exchange and corporate governance

5.6.Why doesn't one giant company form in the free market?

ch. 6 On the path to socialism: imperialism, bureaucracy and monopolization

6.1.Bureaucratization and the market

6.2.Remarks on imperialism and class struggle

6.3.Monopoly and competition

ch. 7 The nature of socialism.

Notes:

Includes bibliographical references (pages 207-222) and index.

ISBN:

9781788210355

1788210352

OCLC:

1012533804

Publisher Number:

99981508445

60002248423