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Towards A Re-Interpretation Of The Economics Of Feasible Socialism

Author

Listed:
  • Dic Lo

    (Department of Economics, SOAS University of London, UK)

  • Russell Smyth

    (Department of Economics, Monash University, Austrilia)

Abstract
This paper re-examines the debate on whether socialism is feasible from the perspective of the literature on the division of labour and organisational forms. Our central argument is twofold. First, each of the major protagonists in the debate provide a partial explanation as to when market socialism, planned socialism and participatory socialism are feasible. Second, the different perspectives on when socialism is feasible can be reconciled through seeing the arguments in terms of specific techno-economic paradigms, which are underpinned by their own concepts of the division of labour and efficiency attributes. We will show that theories on the economics of socialism reflect different techno-economic paradigms and that when, and whether, the various views on socialism are appropriate depend on the prevailing external conditions, economic growth path and existing mode of institutional arrangement.

Suggested Citation

  • Dic Lo & Russell Smyth, 2002. "Towards A Re-Interpretation Of The Economics Of Feasible Socialism," Working Papers 119, Department of Economics, SOAS University of London, UK.
    • Handle: RePEc:soa:wpaper:119
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    File URL: https://www.soas.ac.uk/sites/default/files/2022-10/economics-wp119.pdf
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Division of Labour; Organisational Forms; Socialism;
    All these keywords.

    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions

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