market socialism

tgs at cunyvms1.gc.cuny.edu tgs at cunyvms1.gc.cuny.edu
Mon Oct 31 19:19:13 MST 1994


Justin,
Several criticisms.

You underestimate McNally's critique.  If the ratinality of Market price-setting
is based not simply on the hidden hand of supply demand but on the
commodificatino of labor in order to set price very loosely to labor
-exchange value, then fooling with this via state regulation fouls up
this rationality.  When you liberate the slaves, the rationality of
the masters goes haywire.  Richard Smith has shown this in his essays
on China in ATC and NLR: the black market and corruption and peasant
poverty was never so bad as when the bureaucrats started introducing
the market alongside the state.

Producer capitalism, as the other brother pointed out, won't work: it
will ultimately concentrate power in the hands of the worst bastard in the
firm, and we have capitalism all over again.

finally, if we have exchange value based on labor, and we have the
wonderful market way of innovation, then the rate of profit tends to fall
just as much: and the link between the profit motive and efficient investment
in useful production is severed just as quickly.  the state cannot abolish
this fundamental flaw with the market


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