Democracy And Economic Planning: The Political Economy Of A Self-governing Society

Devine examines the theory and practice of capitalist planning, central planning, and market socialism, arguing that market socialism cannot fulfill its promises.

Format: Paperback / softback
Length: 316 pages
Publication date: 30 June 2022
Publisher: Taylor & Francis Ltd

Devine begins his work by delving into the intricate analysis of capitalist planning, central planning, and market socialism. He presents a compelling argument that while market socialism currently holds appeal among economists who oppose both capitalism and the Soviet model's command planning, it falls short of delivering on the promises it makes.

In the subsequent chapters, Devine explores the historical development and theoretical foundations of these economic systems. He sheds light on the strengths and weaknesses of each approach, highlighting the challenges and limitations they face. Through a rigorous examination of economic theory and empirical evidence, Devine seeks to provide a comprehensive understanding of the alternatives to capitalism and the Soviet model.

One of the central themes of Devine's work is the notion of economic efficiency. He argues that capitalist planning, characterized by private ownership of means of production and the pursuit of profit, can lead to increased efficiency and productivity. However, he also acknowledges the inherent flaws of this system, such as market imperfections, inequality, and the potential for exploitation.

Central planning, on the other hand, is characterized by the government's control over the economy, including the allocation of resources and the setting of prices. While it aims to achieve economic stability and social welfare, Devine argues that it can be inefficient, bureaucratic, and subject to political manipulation. He also points out the historical failures of central planning in the Soviet Union and other communist countries.

Market socialism, as proposed by figures such as Karl Marx and Friedrich Engels, seeks to combine the benefits of private ownership and market competition with the democratic control of the means of production. Devine examines the various forms of market socialism, including worker cooperatives, social enterprises, and mixed economies, and evaluates their potential to achieve economic efficiency, social justice, and sustainability.

However, Devine raises concerns about the feasibility of market socialism in the real world. He points out the historical difficulties encountered by socialist economies, such as the lack of economic growth, the persistence of poverty, and the challenges of transitioning from a capitalist system. He also argues that market socialism may not be able to address the underlying social and economic inequalities that exist in society.

In conclusion, Devine's work provides a valuable contribution to the ongoing debate about economic systems and their potential for achieving social and economic well-being. Through his comprehensive analysis and thoughtful arguments, he challenges the prevailing assumptions about capitalism and central planning and offers alternative perspectives on market socialism. While market socialism may have its merits, Devine argues that it cannot fully fulfill the promises it holds out for a more just and sustainable economic future.

Weight: 458g
Dimension: 148 x 228 x 23 (mm)
ISBN-13: 9780367153120