This section reflects the diversity of Marx's legacy in economics, including titles which have had a major impact in the development of the new analytical Marxism.

By exploring the strengths and weaknesses of a Marxist approach to economic development, this book presents a balanced treatment of development issues within the area of 'rational choice Marxism'

The dramatic implosions of the centrally administered, non-democratic political systems in central and eastern Europe in the late 1980s have generated a body of research concerning the transition from public ownership, and the role of the market and other institutions in engendering good incentives for economic actors. The essays collected in this volume study property relations, their associated incentives and the consequent effects on welfare: the ubiquitous theme is that efficiency cannot be divorced from the distribution of productive assets.

Many believe that equality of opportunity will be achieved when the prospects of children no longer depend upon the wealth and education of their parents. The institution through which the link between child and parental prospects may be weakened is public education. Many also believe that democracy is the political institution that will bring about justice. This study, first published in 2006, asks whether democracy, modeled as competition between political parties that represent different interests in the polity, will result in educational funding policies that will, at least eventually, produce citizens who have equal capacities (human capital), thus breaking the link between family background and child prospects. In other words, will democracy engender, through the educational finance policies it produces, a state of equal opportunity in the long run?

This compilation includes articles representing the school of analytical Marxism, a school of thought inaugurated by the publication of G.A. Cohen's Karl Marx's Theory of History in 1978. Since then, scholars in political philosophy, economics, sociology, political science, history and anthropology have contributed to it. This two-volume set of 31 articles (dating from 1977-1993) has been divided into seven parts: class, exploitation, power and domination, historical materialism, the state, market socialism, freedom and methodology. Contributors include P. Bardhan, A. Carling, G.A. Cohen, J. Cohen, J. Elster and J. Reiman.

This book presents fifteen essays, written over the past dozen years, on egalitarianism. The essays explore contemporary philosophical debates on this subject, using the tools of modern economic theory, general equilibrium theory, game theory, and the theory of mechanism design. Egalitarian Perspectives is divided into four parts: the theory of exploitation; equality of resources; bargaining theory and distributive justice; and market socialism and public ownership. The first part presents Roemer's influential reconceptualisation of the Marxian theory of exploitation as a theory of distributive justice. The second part offers a critique of Ronald Dworkin's equality-of-resources theory, and puts forward a new egalitarian proposal based upon a specific method of measuring individual responsibility. The third part introduces a novel application of the theory of mechanism design to the study of political philosophy, and raises new concerns about the limitations of that application. The fourth part presents the author's views on market socialism and public ownership, and demonstrates that Professor Roemer is at the forefront of refining new theories and conceptions of market socialism.

In the wake of the recent expansion of democratic forms of government around the world, political theorists have begun to rethink the nature and justification of this form of government. The essays in this book address a variety of foundational questions about democracy: How effective is it? How stable can it be in a pluralist society? Does it deserve its current popularity? Can it successfully guide a socialist society?

This book presents fifteen essays, written over the past dozen years, on egalitarianism. The essays explore contemporary philosophical debates on this subject, using the tools of modern economic theory, general equilibrium theory, game theory, and the theory of mechanism design. Egalitarian Perspectives is divided into four parts: the theory of exploitation; equality of resources; bargaining theory and distributive justice; and market socialism and public ownership. The first part presents Roemer's influential reconceptualisation of the Marxian theory of exploitation as a theory of distributive justice. The second part offers a critique of Ronald Dworkin's equality-of-resources theory, and puts forward a new egalitarian proposal based upon a specific method of measuring individual responsibility. The third part introduces a novel application of the theory of mechanism design to the study of political philosophy, and raises new concerns about the limitations of that application. The fourth part presents the author's views on market socialism and public ownership, and demonstrates that Professor Roemer is at the forefront of refining new theories and conceptions of market socialism.

In this volume a diverse group of economists, philosophers, political scientists, and psychologists address the problems, principles, and practices involved in comparing the well-being of different individuals. A series of questions lie at the heart of this investigation: What is the relevant concept of well-being for the purposes of comparison? How could the comparisons be carried out for policy purposes? How are such comparisons made now? How do the difficulties involved in these comparisons affect the status of utilitarian theories? This collection constitutes the most advanced and comprehensive treatment of one of the cardinal issues in social theory.

Professor Roemer's goal in this book is to give a rigorous view of classical Marxian economic theory by presenting specific analytic models. The theory is not extended to deal with new problems, but it is deepened: Marxian theory is given micro-foundations and upon those foundations the author begins to rebuild a tightly constructed Marxian economics. The book begins, after a methodological introduction, with an examination of the Marxian notion of equilibrium and the theory of exploitation, and goes on to deal with the theory of the falling rate of profit. The next section explores one of the points made in the first section of the book, that the Marxian theory of exploitation can be constructed completely independently of the labor theory of value as a theory of exchange. Technical study of this problem allows comment on various issues, such as the relative importance of "marginal utilities" and "class struggle" in determining relative prices. The final part examines models of various Marxian concepts.

Many believe that equality of opportunity will be achieved when the prospects of children no longer depend upon the wealth and education of their parents. The institution through which the link between child and parental prospects may be weakened is public education. Many also believe that democracy is the political institution that will bring about justice. This study, first published in 2006, asks whether democracy, modeled as competition between political parties that represent different interests in the polity, will result in educational funding policies that will, at least eventually, produce citizens who have equal capacities (human capital), thus breaking the link between family background and child prospects. In other words, will democracy engender, through the educational finance policies it produces, a state of equal opportunity in the long run?

John Roemer points out that there are two views of equality of opportunity that are widely held today. The first, which he calls the nondiscrimination principle, states that in the competition for positions in society, individuals should be judged only on attributes relevant to the performance of the duties of the position in question. Attributes such as race or sex should not be taken into account. The second states that society should do what it can to level the playing field among persons who compete for positions, especially during their formative years, so that all those who have the relevant potential attributes can be considered. Common to both positions is that at some point the principle of equal opportunity holds individuals accountable for achievements of particular objectives, whether they be education, employment, health, or income. Roemer argues that there is consequently a "before" and an "after" in the notion of equality of opportunity: before the competition starts, opportunities must be equalized, by social intervention if need be; but after it begins, individuals are on their own. The different views of equal opportunity should be judged according to where they place the starting gate which separates "before" from "after." Roemer works out in a precise way how to determine the location of the starting gate in the different views.

A new theory of how and why we cooperate, drawing from economics, political theory, and philosophy to challenge the conventional wisdom of game theory Game theory explains competitive behavior by working from the premise that people are self-interested. People don't just compete, however; they also cooperate. John Roemer argues that attempts by orthodox game theorists to account for cooperation leave much to be desired. Unlike competing players, cooperating players take those actions that they would like others to take-which Roemer calls "Kantian optimization." Through rigorous reasoning and modeling, Roemer demonstrates a simpler theory of cooperative behavior than the standard model provides.

Human-generated greenhouse gas emissions imperil a global resource: a biosphere capable of supporting life as we know it. What is the fair way to share this scarce resource across present and future generations, and across regions of the world? This study offers a new perspective based on the guiding ethics of sustainability and egalitarianism. Sustainability is understood as a pattern of economic activity over time that sustains a given rate of growth of human welfare indefinitely. To achieve this, the atmospheric concentration of carbon must be capped at some level not much higher than exists today, and investments in education and research should be higher than they currently are. International cooperation between developing and developed nations is also vital, because economic growth and the climate problem are intertwined. The authors propose that the guiding principle of bargaining should be that the dates at which developing countries' living standards catch up with those of developed countries should not be altered by the agreement. They conclude that developed economies would have to agree not to exceed 1 percent growth in per capita GDP annually, while developing nations should grow at a faster rate, but still lower than current projections, until they converge. The authors acknowledge that achieving such a dramatic slowdown would carry political and economic challenges.

In Recasting Egalitarianism, part of Verso's Real Utopias series, economists Samuel Bowles and Herbert Gintis diagnose the current malaise of the Left as a result of the obsolescence of its traditional economic models. They propose to rejuvenate the egalitarian project through a strategy of asset-based redistribution, drawing in novel ways on markets, competition, state regulation and community governance. In this major work on economic and social policy, the authors address the twin challenges posed by a globally integrated economy and the key economic roles now played by information, motivation, and other intangibles. They propose an egalitarian redistribution of assets-land, capital, and housing-and argue for the beneficial disciplining effects of competition both in markets and among publicly-funded service providers, pointing out that the injustices commonly associated with markets can be avoided if assets are more equally distributed. The lead essay in the book lays out the underlying logic of this proposal in some detail. This is followed by responses by critics and supporters.

The dramatic implosions of the centrally administered, non-democratic political systems in central and eastern Europe in the late 1980s have generated a body of research concerning the transition from public ownership, and the role of the market and other institutions in engendering good incentives for economic actors. The essays collected in this volume study property relations, their associated incentives and the consequent effects on welfare: the ubiquitous theme is that efficiency cannot be divorced from the distribution of productive assets.

"Nice idea, but it doesn't work in practice." How often have socialists had this claim thrown back at them? And now, after the events of 1989, many of the Left are openly wondering what a defensible idea of socialism would be. This work addresses this question, taking as its point of departure John Roemer's model of "coupon socialism". Roemer's model aims to combine the market with a commitment to equality through a simple, yet starkly radical, proposal: all citizens would receive an equal number of coupons with which to buy ownership rights (voting, dividends) in companies. These coupons would constitute a second, separate form of currency, but could not be exchanged for ordinary money, nor transferred to other people. Not all the contributors to this collection endorse Roemer's working model of market socialism, but they are all stimulated by his foray into a "real utopia".

From the Republican Party's "Southern Strategy" in the U.S. to the rise of Le Pen's National Front in France, conservative politicians in the last thirty years have capitalized on voters' resentment of ethnic minorities to win votes and undermine government aid to the poor. In this book, the authors construct a theoretical model to calculate the effect of voters' attitudes about race and immigration on political parties' stances on income distribution.

Drawing on empirical data from the U.S., Britain, Denmark, and France, they use their model to show how parties choose their platforms and compete for votes. They find that the Right is able to push fiscal policies that hurt working and middle class citizens by attracting voters who may be liberal on economic issues but who hold conservative views on race or immigration. The authors estimate that if all voters held non-racist views, liberal and conservative parties alike would have proposed levels of redistribution 10 to 20 percent higher than they did. Combining historical analysis and empirical rigor with major theoretical advances, the book yields fascinating insights into how politicians exploit social issues to advance their economic agenda.

Equally at home in economic theory and political philosophy, John Roemer has written a unique book that critiques economists' conceptions of justice from a philosophical perspective and philosophical theories of distributive justice from an economic one. He unites the economist's skill in constructing precise, axiomatic models with the philosopher's in exploring the assumptions of those models. His synthesis will enable philosophers and economists to engage each other's ideas more fruitfully. Roemer first shows how economists' understanding of the fairness of various resource allocation mechanisms can be enriched. He extends the theory of social choice to show how individual preferences can be aggregated into social preferences over various economic alternatives. He critiques the standard applications of axiomatic bargaining theory to distributive justice, showing that they ignore information on available resources and preference orderings. He puts these variables in the models, which enables him to generate resource allocation mechanisms that are more consonant with our intuitions about distributive justice. He then critiques economists' theories of utilitarianism and examines the question of the optimal population size in a world of finite resources. Roemer explores the major new philosophical concepts of the theory of distributive justice - primary goods, functionings and capability, responsibility in its various forms, procedural versus outcome justice, midfare - and shows how they can be sharpened and clarified with the aid of economic analysis. He critiques and extends the ideas of major contemporary theories of distributive justice, including those of Rawls, Sen, Nozick, andDworkin. Beginning from the recent theories of Richard Arneson and G. A. Cohen, he constructs a theory of equality of opportunity. Theories of Distributive Justice contains important and original results, but it can also be used as a graduate-level text in economics and philosophy.

Many people point to recent events-the collapse of the Soviet Union, the electoral defeat of the Sandinistas-as proof that capitalism has triumphed over socialism once and for all. In A Future for Socialism, a noted economist argues that socialism is not dead but merely in need of modernizing. John Roemer believes that the hallmark of socialism is egalitarianism-equality of opportunity for self-realization and welfare, for political influence, and for social status-and he reminds us that capitalist societies face increasingly difficult problems of poverty and social inequality. Reenergizing a debate that began with Oskar Lange and Friedrich Hayek in the late 1930s, he brings to important questions of political economy a new level of sophistication in line with contemporary theories of justice and equality. Roemer sees the solution of the principal-agent problem as the key to developing a decentralized market-socialist economy. This would be capable of maintaining efficiency and technological innovation while supporting a substantively more equal distribution of income than is achieved in capitalist economies. Roemer defends his views against skeptics on the right, who believe that efficiency and innovation are incompatible with egalitarianism, and skeptics on the left, who believe that socialism is incompatible with markets. Because of its interdisciplinary approach, A Future for Socialism will appeal to a general social science audience, including economists, political scientists, sociologists, and political philosophers. It is also accessible to the interested reader.

Attacking the usefulness of such central Marxian concepts as the labor theory of value and surplus value, John Roemer reconstructs Marxian economic philosophy from the concepts of exploitation and class, showing that exploitation can be derived from a system of property relations. He then looks at the causes of the unequal distribution of wealth, including robbery and plunder, willingness to take risks, differential rates of time preference, luck, and entrepreneurship. He further examines the evolution of property systems-slave, feudal, capitalist, socialist-from the perspective of the theory of historical materialism, and ends by analyzing the properties of a social system in which ownership of productive assets in the external world is public, while ownership of internal productive assets-skills and talents-is private.