Contents
1. Capitalism versus Socialism: An Analytical Perspective, 3
Defining the Terms, 3
The Nature of the Dispute, 11
Criticizing Economic Systems, 16
Defending Economic Systems, 22
Resolution and Progress in the Dispute, 27
2.
Why Market Socialism?, 34Motivating the Market, 34
Social Ownership in a Market Economy, 43
The Motivations for Social Ownership, 56
3. Economic Exploitation, 65
Exploitation as the Failure of Reciprocity, 65
The Value of One’s Contribution, 70
Fair Exchanges and the Value of One’s Contribution, 74
The Question of Alternatives, 85
4. Exploitation and the Economics of Organizations, 93
Comparing Types of Economic Systems, 93
The Foundations of the Economics of Organizations, 100
An Illustration: The Classical Capitalist Firm, 106
The Empirical Preconditions for Exploitation, 111 Opportunism, Appropriable Quasi-Rents, and Exploitative
Exchange, 117
5. Transactions Cost Efficiencies of Capitalist Organizations, 122
Some Methodological Considerations, 122
The Classical Capitalist Firm Revisited, 126
The Open Corporation, 136
The Employment Relation in a Free Enterprise System, 153
6. Exploitation in a Market Socialist Economy I, 165
More Methodological Considerations, 165
Exploitation among and by the Residual Claimants in the Cooperative, 175
Other Forms of Exploitation in the Small-to-Medium-sized Cooperative, 187
7. Exploitation in a Market Socialist Economy II, 206
Exploitation in and through the Large Cooperative, 206
Exploitation through State Organizations, 218
8. Other Options for Market Socialism?, 234
Equity Ownership and Market Socialism, 234
Other Forms of Ownership and Market Socialism, 246
The Socialist Vision of the Good Society, 255
Notes, 263
References, 283
Index, 293
The Philosophy and Economics of Market Socialism