By Robin Hahnel, Erik Olin Wright
Publish yr note: First released in 2014 by means of New Left Project
What could a possible unfastened and democratic society seem like? Poverty, exploitation, instability, hierarchy, subordination, environmental exhaustion, radical inequalities of wealth and tool it's not tricky to checklist capitalism s myriad injustices. yet is there a ultimate and practicable replacement?
Alternatives to Capitalism: Proposals for a Democratic Economy provides a debate among such probabilities: Robin Hahnel s participatory economics and Erik Olin Wright s actual utopian socialism. it's a specific and worthwhile dialogue that illuminates more than a few concerns and dilemmas of an important significance to any severe attempt to construct a greater world."
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Extra resources for Alternatives to Capitalism: Proposals for a Democratic Economy
For example, we do not know for certain whether art, collectibles, private vehicles, first homes and so on are included in its computation of wealth. In this sense, we are forced to take Credit Suisse at its word and consider net worth as its principal metric. Like Knight Frank, this would mean we can demarcate high-networth individuals (as the name suggests) by knowing whether their assets exceed their liabilities by US$1 million in the case of HNWIs or by US$50 million in the case of ultra-HNWIs.
The attempt at neutrality is largely what separates the early political economists from the neoclassical economists so dominant in our schools and universities today. Mainstream economists subscribe to a formal and mathematised scientific objectivity. For over a century since the marginal revolution of the nineteenth century, these economists have largely evacuated politics and power from their interpretation of economic reality. No earlier political economist, regardless of their aims or purpose in writing, understood politics and economics as two separate spheres.
The first class is equities, or what are commonly referred to as ‘stocks’ or ‘shares’ in companies. Equities may represent an ownership interest over the company’s assets and earnings potential but owners of equities may not have control over the company’s day-to-day operations or future business strategy. Today’s owners are largely what Veblen called absentee owners – they own but do not take care of the day-to-day running of the business. There are two ways to make more money by owning equities: 1) by selling them on to someone else for more money than you bought them for; and 2) by holding the equities and the unusual suspects | 37 receiving periodic dividends from the company.
Alternatives to Capitalism: Proposals for a Democratic Economy by Robin Hahnel, Erik Olin Wright