Interest in socialism is growing throughout the world. But "socialism" too often simply means belief in equality, democracy, and solidarity with working and oppressed people. That vision remains crucial; but we also need to re-develop the theory of a socialist system -not just a middle path, a...

The Degrowth movement advocates a radical shift from our capitalist economic system to one based on human needs, planetary boundaries, and economic democracy. The literature, however, often neglects detailing the concrete coordination mechanisms of a Degrowth economy. This paper addresses this...

A vision of universalised human freedom, equality, security and democracy emerged in the wake of the Scientific Revolution and the Enlightenment, the British Industrial Revolution, and the French Revolution. This vision, not even approximately practicable at the time, is now well within reach. A...

In The Road to Serfdom F. A. Hayek set out the danger posed to freedom by attempts to apply the principles of wartime economic and social planning to the problems of peacetime. Hayek argued that the rise of Nazism was not due to any character failure on the part of the German people, but was a...

After decades of sustained growth and free market policies, Peru has not reached development and is in what appears to be a perpetual crisis of corruption, lack of rule of law and political instability. Some blame free market policies as the obstacle for development, promoting a turn for direct...

For the Austrian School, the problem of efficient allocation of scarce resources is not computational in nature (ability to collect and process data) but economic-entrepreneurial (human assessment and decision around new ends and means of productive activity), and that can only be resolved...

Thomas Piketty is the most politically and economically important participant in the ongoing debate about the deleterious effects of income and wealth inequality. The article analyses his arguments carefully because they give Marxists an opportunity to intervene in a mainstream...

Purpose - Expanding and developing the theoretical implications of socialist market economy with China's experience. Design/methodology/approach - In the course of exploring the development of a market economy, China has given full play to the advantages of the socialist system, which has...

China's hybrid economy blends state planning with market mechanisms, using annual economic targets to guide development and macroeconomic management to ensure their achievement. Local governments set ambitious growth targets to align with central mandates and incentivize subordinates, leading to...

Competing definitions of justice in Plato's Republic and Aristotle's Politics indicate the existence of two distinct economic systems with different priorities. The three‐class society of the Platonic economy (guardians, auxiliaries, producers) gives rise to guardians who by virtue are...

The roaring (twenty-)twenties are a decade of anniversaries and milestones. 2020 was the 100th anniversary of Ludwig von Mises’s seminal article “Economic Calculation in the Socialist Commonwealth” and the 75th anniversary of F.A. Hayek’s seminal article “The Use of Knowledge in...

The article raises the issue of using the historical experience of planning initiated by the establishment of the State Planning Committee in Soviet Russia in 1921. Of course, literal borrowing of the Soviet directive planning model is out of the question. However, it has also been proved in...

Friedrich Hayek’s 1944 book, The Road to Serfdom, warned of the dangers to a free society from central planning. Efforts by the rich country clubs of the Organization for Economic Cooperation and Development (OECD) and European Union (EU) to impose new international tax rules through a variety...

Arguments of Mises and Hayek, who opposed the planned economy (PE), are used in the paper as a starting point for establishing the objective area of effective application of the PE. The abstract model of PE, based on the definitions of Mises and Hayek, leads to the conclusion that for the...

Competing definitions of justice in Plato's Republic and Aristotle's Politics indicate the existence of two distinct economic systems with different normative priorities. The three-class society of the Platonic economy (guardians, auxiliaries, producers) gives rise to guardians who by virtue are...

"The theory of the "enabling condition" explains how favorable political conditions can facilitate economic upgrade. Through a case study comparison involving five single party, authoritarian regimes, it concludes that China's unfavorable political situation augurs ill for its ambitions to build...

For over a generation, the collapse of communism in the Soviet Union and Eastern and Central Europe delegitimized the abolition of private property in the means of production and the practice of central planning as an effective way to achieve the ends of socialism. However, the aspiration of...

Part 1: Microeconomic Environment -- Chapter 1: The Roles and Responsibilities of Local Government -- Chapter 2: Finance, Taxation and Government Behavior -- Chapter 3: Government Investment, Financing and Debt -- Chapter 4: Government and Industrialization -- Part 2: Macroeconomic Consequences...

Chapter 1. Information Costs, Limited Reasoning Ability and Simplifying Planning: A Theoretical Explanation of Traditional Chinese Planning -- Chapter 2. Socialist Government and Enterprise: An Analysis from the Perspective of “Exit -- Chapter 3. Monetary Incentive and Property Rights...

This paper specifies and estimates a four-equation disequilibrium model of the consumption goods market in a centrally planned economy(CPE).The data are from Poland for the period 1955-1980, but the analysis is more general and will be applied to other CPEs as soon as the appropriate data sets...

This paper examines a model in which demand is uncertain and production must occur before demand is known for sure. By investing resources in information gathering activity, demand can be forecast. The paper investigates the relationship between the incentive to plan and market structure and...