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Paul Cockshott — What then is the escape from capitalism?

Summary:
What then is the escape from capitalism? What would be the essential features of a socialist economy, one the would be really achievable? Exactly the right question. It's not just about there but getting from here to there. The former is utopian, the latter involves being realistic. This is not primarily a theoretical question but a practical one.Marx concluded that capitalism is based on a monetary production economy, and that monetary production economies tend toward capitalism, as China suggests after the introduction of "market socialism" and "socialism with Chinese characteristics."What would a socialist economy look like then? Paul Cockshott explains Marx's view on this based on "labor credits" as the unit of account. He also explains why he believes that the economic calculation

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What then is the escape from capitalism?
What would be the essential features of a socialist economy, one the would be really achievable?
Exactly the right question. It's not just about there but getting from here to there. The former is utopian, the latter involves being realistic. This is not primarily a theoretical question but a practical one.

Marx concluded that capitalism is based on a monetary production economy, and that monetary production economies tend toward capitalism, as China suggests after the introduction of "market socialism" and "socialism with Chinese characteristics."

What would a socialist economy look like then? Paul Cockshott explains Marx's view on this based on "labor credits" as the unit of account. He also explains why he believes that the economic calculation problem that Ludwig von Mises advanced no longer applies owing to technological innovation.

This also has interesting implications for the MMT job guarantee that anchors the value of a currency to an hour of unskilled labor based on governments' power to set the price it is willing to pay in a market, provided the government is sovereign in its currency and has a monopoly on currency issuance. Currency sovereigns have monopoly power, hence, are price setters rather than price takers, regardless of whether they chose to use it.

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What then is the escape from capitalism?

Paul Cockshott
Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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