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Capitalism, Socialism and Property Rights - Why market socialism cannot substitute the market (Hardcover)
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Capitalism, Socialism and Property Rights - Why market socialism cannot substitute the market (Hardcover)
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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, the author 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 books offers new and
original insights into the theory of competition, theories of
pricing, property laws, 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.
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