The collapse of previously existing socialism was due to causes embedded in its economic mechanism, which are not inherent in all possible socialisms. The article argues that Marxist economic theory, in conjunction with information technology, provides the basis on which a viable socialist economic program can be advanced, and that the development of computer technology and the Internet makes economic planning possible. In addition, it argues that the socialist movement has never developed a correct constitutional program, and that modern technology opens up opportunities for democracy. Finally, it reviews the Austrian arguments against the possibility of socialist calculation in the light of modern computational capacity and the constraints of the Kyoto Protocol.
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Volume (Year): 10 (2008) Issue (Month): 19 (July-December) Pages: 161-205 Download reference. The following formats are available: HTML
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Find related papers by JEL classification: P21 - Economic Systems - - Socialist Systems and Transition Economies - - - Planning, Coordination, and Reform P27 - Economic Systems - - Socialist Systems and Transition Economies - - - Performance and Prospects P28 - Economic Systems - - Socialist Systems and Transition Economies - - - Natural Resources; Environment