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Towards a re-interpretation of the economics of feasible socialism

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  • Dic Lo
  • Russell Smyth

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. Copyright 2004, Oxford University Press.

Suggested Citation

  • Dic Lo & Russell Smyth, 2004. "Towards a re-interpretation of the economics of feasible socialism," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 28(6), pages 791-808, November.
    • Handle: RePEc:oup:cambje:v:28:y:2004:i:6:p:791-808
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    File URL: http://hdl.handle.net/10.1093/cje/beh035
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    JEL classification:

    • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925
    • P3 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions

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