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What Is Socialism Today? Conceptions Of A Cooperative Economy

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  • John E. Roemer

Abstract

Socialism is back on the political agenda in the United States. I propose several variants of socialism, characterized by different kinds of property relation in the ownership of firms. In addition to property relations, a conception of socialism should include a specification of the cooperative ethos, in place of the individualistic ethos of capitalist society. Individualistic economic agents will optimize in the manner of John Nash, whereas cooperative ones do so in the manner of Immanuel Kant. I argue that Kantian optimization decentralizes resource allocation in ways that separate issues of equity (income distribution) from efficiency. I offer tentative thoughts concerning how we should conceive of socialism today.

Suggested Citation

  • John E. Roemer, 2021. "What Is Socialism Today? Conceptions Of A Cooperative Economy," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 62(2), pages 571-598, May.
    • Handle: RePEc:wly:iecrev:v:62:y:2021:i:2:p:571-598
    DOI: 10.1111/iere.12498
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    References listed on IDEAS

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    1. Kenworthy, Lane, 2016. "Social Democratic America," OUP Catalogue, Oxford University Press, number 9780190230951.
    2. Foley, Duncan K, 1970. "Lindahl's Solution and the Core of an Economy with Public Goods," Econometrica, Econometric Society, vol. 38(1), pages 66-72, January.
    3. Atkinson, Anthony B., 2015. "Inequality: what can be done?," LSE Research Online Documents on Economics 101810, London School of Economics and Political Science, LSE Library.
    4. Paul M. Romer, 1994. "The Origins of Endogenous Growth," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 3-22, Winter.
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    Cited by:

    1. Emilio Carnevali & André Pedersen Ystehede, 2023. "Is socialism back? A review of contemporary economic literature," Journal of Economic Surveys, Wiley Blackwell, vol. 37(2), pages 239-270, April.
    2. John E. Roemer & Joaquim Silvestre, 2023. "Kant and Lindahl," Scandinavian Journal of Economics, Wiley Blackwell, vol. 125(2), pages 517-548, April.

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    More about this item

    JEL classification:

    • D3 - Microeconomics - - Distribution
    • D6 - Microeconomics - - Welfare Economics
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems
    • H4 - Public Economics - - Publicly Provided Goods

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