A Future for SocialismIn this text, Roemer proposes a new future of socialism based on a redefinition of market socialism. The Achille's heel of socialism has always been maintaining innovation and efficiency in an economy in which income is equally distributed. Roemer points out that large capitalist firms have already solved a similar problem: in those firms, profits are distributed to numerous shareholders, yet they continue to innovate and compete. The author argues for a modified version of socialism, not necessarily based on public ownership, but founded on equality of opportunity and political influence. |
Contents
Introduction | 1 |
1 What socialists want | 11 |
2 Public ownership | 18 |
Copyright | |
17 other sections not shown
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allocation amount argued argument banks Bardhan budget constraint capitalism capitalist economy central planning cialism citizens Cohen Communist competition consumer consumption corporate countries coupon dividend coupon economy democracy democratic distribution of profits economic mechanism economic theory effect efficiency egalitarian equality of opportunity equilibrium example finance firm managers firm's funds G. A. Cohen goals Hayek incentive increase industrial innovation institutions interest rate investment planning investors keiretsu kind labor labor-managed firms Lange LMFs loans market economy market socialism market-socialist economy Marxist maximize ment OECD optimal output Pareto-efficient percent perhaps period political influence politico-economic pollution poor portfolio possible principal-agent problems property rights proposals public bad public ownership purchase rent-seeking rich Roemer sector share shareholders social democracy socialist socialists want society Soviet Soviet Union stock market taxes tion University Press utility wage Walrasian Walrasian equilibrium workers