‘The Impossibility of Social Democracy’, by Albert E. F. Schäffle

[...]of its wide circulation it became Schäffle's most famous book. For Schäffle (1908: 3–5), ‘socialism’ aims to ‘replace the system of private capital . . . regulated . . . by the free competition of private enterprise . . . by a system of collective capital, that is, by a method of productio...

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Bibliographic Details
Published in:Journal of institutional economics 2007-04, Vol.3 (1), p.113-125
Main Author: HODGSON, GEOFFREY M.
Format: Article
Language:English
Subjects:
Economic planning
Economic theory
Industrial democracy
Market economies
Ownership
Planning
Private enterprise
Production
Social democracy
Socialism
Stagnation
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Summary:[...]of its wide circulation it became Schäffle's most famous book. For Schäffle (1908: 3–5), ‘socialism’ aims to ‘replace the system of private capital . . . regulated . . . by the free competition of private enterprise . . . by a system of collective capital, that is, by a method of production which would introduce a unified (social or ‘collective’) organization of national labour, on the basis of collective or common ownership of the means of production by all the members of society . . [...]modern theory and evidence leave a much more open case for some versions of industrial democracy within an exchange or market economy (Bonin et al., 1993). The outcome of this debate was not simply to expose problems with collective economic planning, but to increase our understanding of the nature and role of knowledge and the operation of market institutions.
ISSN:1744-1374
1744-1382
DOI:10.1017/S1744137406000580