Socialism Revised and Modernized: The Case for Pragmatic Market Socialism

By James A. Yunker | Go to book overview

2
THE PRAGMATIC MARKET SOCIALIST PROPOSAL

A. TRANSITION AND COMPENSATION

Pragmatic market socialism envisions a society purged of the unjust phenomenon of very large personal capital fortunes based primarily on inheritance and accumulation of capital property income. At the same time this society would incorporate a market economy whose day-to-day functioning would virtually duplicate that of the present capitalist economy. The intention may be described as a "socialist analogue" to contemporary market capitalism. Essential elements of such an analogue will be outlined in this chapter.

The implementation of pragmatic market socialism would require the transfer of those legal rights to capital property income (such as contained in stock and bond instruments) which are currently owned by private households under capitalism, to a national government public ownership agency, tentatively designated the Bureau of Public Ownership (BPO). Capital ownership rights held by corporations and other organizations would be unaffected. Also, private ownership of small business firms and entrepreneurial business firms would be retained. "Socialization," in the sense implied by the pragmatic market socialist proposal, may be defined as the termination of the present distribution of privately owned property rights to future property return flows reflecting the productivity of the nonhuman factors of production (capital and natural resources) utilized in large-scale, established productive activity. Such a termination is justified on the basis that the present distribution of such rights not only is extremely unequal, but also does not accurately reflect the respective contributions to economic production which have been and are being made by the various members of society. 1

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Socialism Revised and Modernized: The Case for Pragmatic Market Socialism
Table of contents

Table of contents

  • Title Page iii
  • Contents vii
  • Title Page ix
  • Preface xi
  • 1 - A New Perspective on Socialism 1
  • 2 - The Pragmatic Market Socialist Proposal 29
  • Notes 58
  • 3 - Pragmatic Market Socialism: Pro and Con 67
  • Notes 92
  • 4 97
  • Notes 140
  • 6 - Investment, Growth, and Entrepreneurship 175
  • Notes 199
  • 7 - People's Capitalism 205
  • Notes 234
  • 8 - Capitalism and Democracy 241
  • Notes 257
  • 9 - Capitalism and History 259
  • Notes 273
  • 10 - Prospects for Change? 277
  • ANALYTICAL APPENDIX 291
  • References 307
  • SUBJECT INDEX 325
  • NAME INDEX 333
  • About the Author 338
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