Tag Archives: socialism

Has socialism's time come? Capitalists freak out at the prospect of a Bernie administration. Interestingly, what this shows is that an economic system is a policy variable in a social system.Mint Press NewsMedia, Democratic Establishment Panics as Sanders Predicted to Sweep All 50 States Alan Macleod

There are often attempts in the west to depict China as capitalist rather than socialist. After decades of China going from strength to strength on macroeconomic criteria – and in view of its undeniable achievement in reducing poverty at a rate unmatched in recorded human history – some on the right wish to deny that this could have been accomplished through socialism and so instead claim China to be capitalist. At the same time, there are those on the left who wish to distance notions of...

Minsky’s journey from socialism to stability for capitalist profitability comes about because he and the post-Keynesians deny and/or ignore Marx’s law of value, just as the ‘market socialists’, Lange and Lerner, did. The post-Keynesians and MMTers deny/ignore that profit comes from surplus value extracted by exploitation in the capitalist production process and it is this that is the driving force for investment and employment. They ignore the origin and role of profit, except as a residual...

Marx of course supports collective ownership of the means of production. But by this he does not mean simply transferring ownership deeds from private to collective entities, but rather ensuring that the working class owns and controls the means of production. He makes this clear in writing, “When one speaks of private property, one is dealing with something external to man. When one speaks of labour, one is directly dealing with man himself. This new formulation of the question already...

Must-read. Note: Xi Jinping was trained as a chemical engineer.Andrew Batson's BlogWhat Xi Jinping thinks about development economics Andrew Batson

Oppenheimer’s Law of Transformation can be read as the paradox of cooperative economics and it refers to macro-social dynamics: the beginning of a cooperative group endeavor will end up in a capitalist calculation enterprise or cease to exist as long as the macro-social conditions are based on capitalist monetization and accounting. Knowledge is about predictability and wisdom is about outcome: the later Kibbutzim were from the Oppenheimer viewpoint a survival mechanism which will be...

Michael Roberts reviews and critiques The Debt Delusion by John Weeks.Michael Roberts Blog — blogging from a marxist economistThe debt delusionMichael Roberts

Michael Roberts comments briefly on Richard D. Wolff's two new book, Understanding Marxism and Understanding Socialism. Probably the salient point: "As Wolff has said: 'If you want to understand an economy, not only from the point of view of people who love it, but also from the point of view of people who are critical and think we can do better, then you need to study Marxian economics as part of any serious attempt to understand what’s going on. Not to do it is to exclude yourself from...

Elements of a post capitalist society are and have been developing in actually existing capitalism. This post points out a couple of examples.... This is what a transition from one dominant mode of production to another would look like in an evolutionary setting rather than a revolutionary one. In the gradual approach, different alternatives can be tested and developed based on learning instead of imposed. Thoughts On Economics Actually Existing Socialism In A Capitalist Setting? Robert...

Should be "neoliberalism" instead of "liberalism."New StatesmanWhy is “millennial socialism” on the rise? Because liberalism is failing Lea Ypi