In the wake of the transformation of Eastern Europe in 1989, there
has been a wealth of testimony, long on rhetoric but a little
lighter on evidence, which has insisted that socialism, in all its
forms and invocations, is a spent force. This volume explicitly
confronts the new orthodoxy of "the end of socialism."
In Part I of the book, Pierson assesses the evidence that underpins
this position. What he discovers is not so much terminal decline
but rather a whole series of deep-seated challenges to traditional
forms of socialist and social democratic thinking. The most
pressing of these problems are to be found in the political economy
of social democracy and, above all, in its commitment to
incremental change in the context of an increasingly globalized
market economy.
Parts II and III are devoted to an assessment of market socialism,
one of the most vigorous and innovative attempts to seek to recast
socialist aspirations under these changed circumstances. In
essence, market socialism represents an attempt to reconcile new
forms of social ownership with the seeming ubiquity of the market.
Having outlined this position in some detail, Pierson subjects it
to a careful and systematic critique and, in the process, develops
a set of distinctive arguments about the nature of social
ownership, the potential of the labour-managed economy and the
appropriate forms for an extension of economic democracy. The final
chapter explicitly confronts the question of whether any form of
socialism can any longer be thought to be "feasible."
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