Banks and market socialism

Justin Schwartz jschwart at
Mon Feb 5 13:42:26 MST 1996

That's right, Peter, Says Law has nothing to do with it. Moreover, should
there be uninvested funds or funds that are hard to disburse for some
reason, that shows that tax rates are too high. Presumably there will be
pressure for lower taxes in MS as well. --jks

On Sun, 4 Feb 1996, Robert Peter Burns wrote:

> 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
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