Capitalism, Socialism and Property Rights: Why Market Socialism Cannot Substitute the Market

Result code in IS VaVaI

<a href="https://www.isvavai.cz/riv?ss=detail&h=RIV%2F44555601%3A13510%2F18%3A43894495" target="_blank" >RIV/44555601:13510/18:43894495 - isvavai.cz</a>

Result on the web

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DOI - Digital Object Identifier

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Result language

angličtina

Original language name

Capitalism, Socialism and Property Rights: Why Market Socialism Cannot Substitute the Market

Original language description

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 &quot;market socialism&quot; 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, Machaj 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 book offers new and original insights into the theory of competition, theories of pricing, property laws, and 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.

Czech name

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Czech description

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Type

B - Specialist book

CEP classification

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OECD FORD branch

50201 - Economic Theory

Project

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Continuities

I - Institucionalni podpora na dlouhodoby koncepcni rozvoj vyzkumne organizace

Publication year

2018

Confidentiality

S - Úplné a pravdivé údaje o projektu nepodléhají ochraně podle zvláštních právních předpisů

ISBN

978-1-78821-035-5

Number of pages

240

Publisher name

Agenda Publishing Limited

Place of publication

Newcastle upon Tyne

UT code for WoS book

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