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The rapid collapse of socialism has raised new economic policy questions and revived old theoretical issues. In this book, Joseph Stiglitz explains how the neoclassical, or Walrasian model (the formal articulation of Adam Smith's invisible hand), which has dominated economic thought over the past half century, may have wrongly encouraged the belief that market socialism could work. Stiglitz proposes an alternative model, based on the economics of information, that provides greater theoretical insight into the workings of a market economy and clearer guidance for the setting of policy in transitional economies. Stiglitz sees the critical failing in the standard neoclassical model underlying market socialism to be its assumptions concerning information, particularly its failure to consider the problems that arise from lack of perfect information and from the costs of acquiring information. He also identifies problems arising from its assumptions concerning completeness of markets, competitiveness of markets, and the absence of innovation. Stiglitz argues that not only did the existing paradigm fail to provide much guidance on the vital question of the choice of economic systems, the advice it did provide was often misleading.
London edition (Methuen) has title: Towards socialism or capitalism?
A new book from one of the most cited authors in the humanities and social sciences
There Has Been An Intense Quest For Some Alternatives To Replace Capitalism And Socialism Which In India Are Borrowed Systems From Th West, And Which Are Breaking Down As A System For The Poor. The Real Shortcoming Of The Systems Is The Complete Lack Of Public Morality And Goodness, The Rich In Power Owe To The Poor. Of Late, A Few Economists Started Taking Initiative In Bringing Spirituality As A Necessary Component Of The System As Its Indian Face But This Did Not Succeed Due To Dominance Of The Forces In Power. It Is Felt That A Continuing National And Spiritual Movement By The Masses Could Give Out A Chaste Indigenous System Where The Rich And The Poor Alike Could Work Together For A Honourable, Prosperous And Peaceful Society. Some Gandhian Norms Of Simplicity And Austerity Have To Be Worked Out With Religion And Vedant As The Greatest Uniting Forces. The Book Is An Humble Attempt Towards This End.
Does China represent a non-capitalist alternative to neoliberal development models? Commentators on the left have offered sharply divergent assessments over the last two decades. A few still cling the old dream of market socialism, twinning efficiency with social justice. For most, however, China is proof that market reforms invariably yield dispossession, inequality, and capitalist restoration. Is the East Still Red? argues that both interpretations are wrong and exhibit a common failure to distinguish between market mechanisms and capitalist imperatives. Gary Blank situates the Chinese experience within broader Marxist debates on socio-historical transitions and primitive accumulation, highlighting the need to conceptualize capitalism as a unique system in which producers and appropriators depend on the market for their reproduction. Despite years of marketization, the mandarins in Beijing have not yet imposed full market dependence in industry and agriculture. He shows how the resistance of workers and peasants, the imperatives of party-state legitimacy, and the reproductive strategies of individual Communist officials and managers all act to perpetuate central aspects of a bureaucratic-collectivist system, in which direct producers and bureaucrats are effectively merged with the means of production. The People’s Republic may be a non-capitalist market alternative, albeit one that is hardly edifying for socialists.
Social scientist did not predict the collapse of the socialist system in 1989-91. Their attempts to explain postsocialism have not been comprehensive. This book examines why, for the first time from an anthropological standpoint.