Capitalism, socialism and property rights : why market socialism cannot substitute the market

Resource Information

The work Capitalism, socialism and property rights : why market socialism cannot substitute the market represents a distinct intellectual or artistic creation found in Biddle Law Library - University of Pennsylvania Law School. This resource is a combination of several types including: Work, Language Material, Books.

Label

Capitalism, socialism and property rights : why market socialism cannot substitute the market

Title remainder

why market socialism cannot substitute the market

Statement of responsibility

Mateusz Machaj ; translated by Kacper Potocki

Creator

• Machaj, Mateusz
• Machaj, Mateusz

Contributor

• Potocki, Kacper
• Potocki, Kacper

Author

• Machaj, Mateusz
• Machaj, Mateusz

Translator

• Potocki, Kacper
• Potocki, Kacper

Subject

• Property
• Property
• Property
• Right of property
• Right of property
• Right of property
• Socialism
• Socialism
• Socialism
• Capitalism
• Capitalism
• Capitalism

Language

• eng
• pol
• eng

Summary

The comparative analysis of socialist and capitalist economic systems has given rise to a voluminous literature in the history of economic thought, yet detailed analysis of the "market socialism" model, which seeks to imitate the functional efficiency of capitalism by simulating a competitive economy, has been relatively neglected. In this work, Mateusz Machaj seeks to redress this imbalance by providing an in-depth examination of one of the defining issues that separates capitalism from socialism--the system of ownership, or property rights--which, when explored, highlight fundamental problems in the market socialism model. Taking a broadly Austrian perspective, he shows that the mechanism of efficiency in market socialism is unable to play the part ascribed to it by its theoreticians, because it disregards the fact that property rights are fundamental to the shaping of prices and thus the abolition of ownership in market socialism makes its mechanism of efficiency a fiction. Indeed, Machaj argues, the economic terms used in the model of market capitalism only mirror the names of the real economic variables that cause capitalism to be efficient, not their functions. The book offers new and original insights into the theory of competition, theories of pricing, property laws, and the relation between law and economics, as well as the economics of the market-socialism model. It will be of interest to a wide range of heterodox economists.--

Member of

• Austrian economics
• Kapitalizm, socjalizm i prawa własności

Assigning source

Provided by Publisher

Cataloging source

DLC

Index

index present

Language note

Translated from the Polish

Literary form

non fiction

Nature of contents

bibliography

Series statement

Austrian economics