Market Socialism: The Current DebatePranab K. Bardhan, John E. Roemer With the decline of command economies in Eastern Europe, China and elsewhere, the systemic issue of the feasability of combining the market mechanism with some form of public or collective ownership or control over the distribution of surplus has assumed topical importance. The essays in this book aim at advancing the old debate on this issue to a new analytical stage: questions of incentive compatability, agency problems, depoliticization of economic decisions and those of justice and worker autonomy are at the heart of the discussion. The defenders as well as critics of market-socialist proposals in this book are particularly sensitive to the centrality of these questions. |
Contents
Market Socialism and Neoclassical Economics | 21 |
Market Socialism Revisited | 42 |
Clarifying | 69 |
Copyright | |
15 other sections not shown
Other editions - View all
Common terms and phrases
agency problem agents allocation argument Arrow-Debreu model assets associative bad projects Bardhan bargaining benefits capitalist economy capitalist firms centralized economy Chapter citizens competition contracts cooperation cost coupon economy decentralized economy decisions democracy distribution Economic Theory efficiency egalitarian employment enterprise entrepreneur equality equilibrium equity firm's G. A. Cohen Hayek incentive income individuals inequality innovation institutions investment investors Journal of Economic keiretsu Kornai labor market labor-managed firms Lange main bank managerial market economy market socialism market-socialist maximize mechanism ment monitoring mutual funds nomic Norway organization Pareto efficiency performance political portfolio price-taking principle production profits property rights proposal public bad public ownership refinancing reform risk Roemer role scheme self-managed self-ownership share shareholders social democratic social equality socialist society soft budget constraint Soviet Union Stiglitz stock market strategy Sweden tion University Press wage Walrasian Walrasian equilibrium welfare workers