Banks and market socialism

Robert Peter Burns rburns at scf.usc.edu
Mon Feb 5 00:33:25 MST 1996


Paul, in the Schweickart model, all the taxes
raised from the capital assets tax are invested.
If there is not enough take-up of available
investment funds, then the investment agencies
create new worker-controlled enterprises to
meet investment planning targets, or if those
targets prove unfeasible or undesirable in the
light of circumstances unforeseen at the time
of the planning process, then the leftover
funds are transferred to the control of local,
regional and/or national legislatures and added
to the funds already budgeted for public
expenditure.  This ensures that all the funds
planned for investment are actually spent, even
if not on the originally envisaged purposes.
There is thus no problem about investment banks
having leftover funds which they can't find
outlets for.  Any such funds are automatically
used to boost government spending (if I recall,
S suggests that the additional public spending
be on capital projects, since this is less likely
to generate inflationary pressures.  Is this right
Justin?)

Peter
rburns at scf.usc.edu


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