Description
Book SynopsisThe Economic Theory of Socialism and the Labour-Managed Firm focuses on market socialism and the relevant debate among economic theorists. It argues that market socialism is the only rational form of socialism and that market socialism with labour-managed firms is by far the best form of market socialism.
The book begins with a critical review of the contributions to the economic theory of socialism. The second part discusses the economic theory of labour-managed firms and pays particular attention to the adverse labour-supply curve, underinvestment, monitoring and the separation of ownership and control. The final chapters discuss problems such as the control of economic activity in labour-managed firms, worker motivation and incentives.
This book will be of particular use to students and academics interested in comparative economic systems and to specialists in politics and sociology with an interest in alternative forms of economic organization.
Trade Review'As a summary, extension and exposition of the calculation debate and the (neoclassical) theory of the labor-managed firm, Jossa and Cuomo's book is very useful and should probably be in the library of any scholar interested in the topic.'Table of ContentsContents: Introduction: Labour Management and Socialism 1. Economic Calculation in Socialism: Early Contributions 2. Socialism and Market: Lange’s Contribution and Marxist Theory 3. Liberalist Criticisms of the Lange Model 4. Socialism with Autonomous Firms 5. On the Taxonomy of Economic Systems 6. Market Socialism and Income Distribution 7. An Introduction to the Theory of the Labour-managed Firm 8. Equilibrium of the Self-managed Firm 9. Criticism of Ward’s Model 10. Self-managed Firms and Underinvestment 11. Property Rights and the Financing of the Cooperative Firm 12. Neo-institutionalism and the Cooperative Firm 13. Self-managment and the Social Foundation of Character 14. Conclusion Index
