Description
This book is concerned with the economics of socialism. There have been many such books, from Marx and his English predecessors to Schumpeter, which have subjected the institutions of competitive enterprise to critical interpretation, historical analysis and the prediction of impermanence. On the other hand, in a sense the vast bulk of traditional academic teaching of economics may be considered to be ‘about the economics of socialism’, in so far as it constitutes an implicit defence of competitive enterprise and a condemnation of socialism. There have been many books setting forth, in general terms or in a schematic manner, arrangements for the control of production and the organization of distribution in societies. within which all capital instruments and natural resources are collectively owned. These, in turn, have been criticized as unworkable, and in reply formal principles have been developed which could be applied to the pricing of goods and factors in a collectivized economic system.
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