Towards a Re-Interpretation of the Economics of Feasible Socialism

Lo, Dic; Smyth, Russell

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. The 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. The authors 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 mode of institutional arrangement.

Citation

Lo, D., & Smyth, R. (2004). Towards a Re-Interpretation of the Economics of Feasible Socialism. Cambridge Journal of Economics, 28(6), 791-808. https://doi.org/10.1093/cje/beh035

• Journal Article Type: Article
• Publication Date: Nov 1, 2004
• Deposit Date: Jun 20, 2008
• Journal: Cambridge Journal of Economics
• Print ISSN: 0309-166X
• Electronic ISSN: 1464-3545
• Publisher: Oxford University Press
• Peer Reviewed: Peer Reviewed
• Volume: 28
• Issue: 6
• Pages: 791-808
• DOI: https://doi.org/10.1093/cje/beh035