The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Socialism (New Perspectives)

  • John E. Roemer
Reference work entry
DOI: https://doi.org/10.1057/978-1-349-95189-5_2424

Abstract

In the Marxian tradition socialism means the end of expropriation of surplus value from labour by capitalists. If markets are needed more to coordinate economic activity than to provide incentives to workers and managers, socialism could be achieved by more equal distribution of share ownership with restrictions on cashing in shares. Social homogeneity may be a necessary condition for the democratic implementation of egalitarian programmes through redistribution, if the welfare state is motivated by either a purely redistributive or an insurance function. Hence the challenge to implementing socialism posed by multiculturalism.

Keywords

Asymmetric information Capital Capitalism, people’s Central planning Coordination Corporate raider Democracy Economic man Equality Exploitation Family And fertility Feudalism Gini coefficient Hayek, F. Historical materialism Social homogeneity Immigration Incentives Keynes, J. Labour contracts Labour power Lange, O. Market socialism Marx Multiculturalism Prices Principal–agent problem Private ownership Redistribution Schumpeter, J. Share ownership Social democracy Social insurance Socialism Social wage Solidarity Soviet Union State property Surplus labour Syndicalism Unemployment Women’s emancipation 

JEL Classifications

P20 P26 
This is a preview of subscription content, log in to check access.

Bibliography

  1. Bardhan, P., and S. Bowles. 2000. Wealth inequality, wealth constraints and economic performance. In Handbook of income distribution, ed. A. Atkinson and F. Bourguignon. Amsterdam: Elsevier Science Press.Google Scholar
  2. Burawoy, M., and J. Lukacs. 1985. Mythologies of work: A comparison of firms in state socialism and advanced capitalism. American Sociological Review 50: 723–737.CrossRefGoogle Scholar
  3. Hayek, F.A. 1940. Socialist calculation: The competitive solution. Economica 7: 125–149.CrossRefGoogle Scholar
  4. Lange, O. 1936. On the economic theory of socialism. In On the economic theory of socialism, ed. B. Lippincott. Minneapolis: University of Minnesota Press, 1956.Google Scholar
  5. Luxemburg, R. 1913. The accumulation of capital. New York: Monthly Review Press, 1972.Google Scholar
  6. Makowski, L., and J. Ostroy. 1993. General equilibrium and market socialism: Clarifying the logic of competitive markets. In Market socialism: The current debate, ed. P. Bardhan and J. Roemer. New York: Oxford University Press.Google Scholar
  7. Marx, K. 1867. Capital, vol. 1. Basingstoke: Penguin Classics, 1992.Google Scholar
  8. Roemer, J. 1994. A future for socialism. Cambridge, MA: Harvard University Press.CrossRefGoogle Scholar
  9. Roemer, J., and J. Silvestre. 1993. The proportional solution for economies with both private and public ownership. Journal of Economic Theory 59: 426–444.CrossRefGoogle Scholar

Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • John E. Roemer
    • 1
  1. 1.