In this innovative book, David McNally develops a powerful critique of market socialism, by tracing it back to its roots in early political economy. He ranges from Adam Smith’s attempt to reconcile moral philosophy with market economics to Malthus’s reformulation of Smith’s political economy which made it possible to justify poverty as a moral necessity. Smith’s economic theory was also the source of an attempt to construct a critique of capitalism derived from his conception of free and equal exchange governed by natural price. This Smithian forerunner of today’s market socialism sought to reform the market without abolishing the social relations on which it was based. McNally explores this tradition sympathetically, but exposes its fatal flaws. The book concludes with an incisive consideration of efforts by writers such as Alec Nove to construct a “feasible” model of market socialism. McNally shows these efforts are still plagued by the failure of early Smithian socialism to come to grips with the social foundations of the market, the commodification of labor-power which is the key to market regulation of the economy. The results, he argues, are neither socialist nor workable.

Socialism is the watchword and the catchword of our day. The socialist idea dominates the modem spirit. The masses approve of it. It expresses the thoughts and feelings of all; it has set its seal upon our time. When history comes to tell our story it will write above the chapter “The Epoch of Socialism.” As yet, it is true, Socialism has not created a society which can be said to represent its ideal. But for more than a generation the policies of civilized nations have been directed towards nothing less than a gradual realization of Socialism.17 In recent years the movement has grown noticeably in vigour and tenacity. Some nations have sought to achieve Socialism, in its fullest sense, at a single stroke. Before our eyes Russian Bolshevism has already accomplished something which, whatever we believe to be its significance, must by the very magnitude of its design be regarded as one of the most remarkable achievements known to world history. Elsewhere no one has yet achieved so much. But with other peoples only the inner contradictions of Socialism itself and the fact that it cannot be completely realized have frustrated socialist triumph. They also have gone as far as they could under the given circumstances. Opposition in principle to Socialism there is none. Today no influential party would dare openly to advocate Private Property in the Means of Production. The word “Capitalism” expresses, for our age, the sum of all evil. Even the opponents of Socialism are dominated by socialist ideas. In seeking to combat Socialism from the standpoint of their special class interest these opponents—the parties which particularly call themselves “bourgeois” or “peasant”—admit indirectly the validity of all the essentials of socialist thought. For if it is only possible to argue against the socialist programme that it endangers the particular interests of one part of humanity, one has really affirmed Socialism. If one complains that the system of economic and social organization which is based on private property in the means of production does not sufficiently consider the interests of the community, that it serves only the purposes of single strata, and that it limits productivity; and if therefore one demands with the supporters of the various “social-political” and “social-reform” movements, state interference in all fields of economic life, then one has fundamentally accepted the principle of the socialist programme. Or again, if one can only argue against socialism that the imperfections of human nature make its realization impossible, or that it is inexpedient under existing economic conditions to proceed at once to socialization, then one merely confesses that one has capitulated to socialist ideas. The nationalist, too, affirms socialism, and objects only to its Internationalism. He wishes to combine Socialism with the ideas of Imperialism and the struggle against foreign nations. He is a national, not an international socialist; but he, also, approves of the essential principles of Socialism.

This book provides a comprehensive overview of historical and international debates on the theory of “labor money” or “labor notes.” These debates exist in a triangular context of market socialism, communism (community-based socialism), and local currency, joining numerous socialists, anarchists, and Marx and Engels. Labor note theory encompasses theoretical, ideological, and practical doctrines aimed at designing a fair and desirable labor-based market or non-market economy by reforming the monetary and credit system. This theory was considered an unfeasible utopian idea in the context of orthodox Marxism, which is typically based on a historical study of surplus value doctrines. However, this book eschews Marx’s critique of “labor money” that limits the debate regarding a concrete alternative society, and instead proposes practical and gradual approaches to social reform by scrutinizing the primary sources of labor money theories and practical experiences and reconstructs their theoretical relationships.

"Delving into Karl Marx's central works as well as his natural scientific notebooks, published only recently and still being translated, [the author] argues that Karl Marx actually saw the environment crisis embedded in captialism. [The book] shows us that Marx has given us more than we once thought, that we can now come closer to finishing Marx's critique, and to building a sustainable ecosocialist world."--Page [4] of cover.

The success of Jeremy Corbyn's left-led Labour Party and Bernie Sanders's 2016 presidential campaign revived a political idea many had thought dead. But what, exactly, is socialism? And what would a socialist system look like today? In The Socialist Manifesto, Bhaskar Sunkara, editor of Jacobin magazine, argues that socialism offers the means to achieve economic equality, and also to fight other forms of oppression, including racism and sexism. The ultimate goal is not Soviet-style planning, but to win rights to healthcare, education, and housing and to create new democratic institutions in workplaces and communities. The book both explores socialism's history and presents a realistic vision for its future. A primer on socialism for the 21st century, this is a book for anyone seeking an end to the vast inequities of our age.

What is wrong with capitalism, and how can we change it? Capitalism has transformed the world and increased our productivity, but at the cost of enormous human suffering. Our shared values—equality and fairness, democracy and freedom, community and solidarity—can provide both the basis for a critique of capitalism and help to guide us toward a socialist and democratic society. Erik Olin Wright has distilled decades of work into this concise and tightly argued manifesto: analyzing the varieties of anticapitalism, assessing different strategic approaches, and laying the foundations for a society dedicated to human flourishing. How to Be an Anticapitalist in the Twenty-First Century is an urgent and powerful argument for socialism, and an unparalleled guide to help us get there. Another world is possible. Included is an afterword by the author’s close friend and collaborator Michael Burawoy.

The End of Socialism explores the difficulties socialism faces and examines the extent to which its moral ideals can guide policy.

Best known as the author of On Liberty, John Stuart Mill remains a canonical figure in liberalism today. Yet according to his autobiography, by the mid-1840s he placed himself "under the general designation of Socialist." Taking this self-description seriously, John Stuart Mill, Socialist reinterprets Mill's work in its light. Helen McCabe explores the nineteenth-century political economist's core commitments to egalitarianism, social justice, social harmony, and a socialist utopia of cooperation, fairness, and human flourishing. Uncovering Mill's changing relationship with the radicalism of his youth and his excitement about the revolutionary events of 1848, McCabe argues that he saw liberal reforms as solutions to contemporary problems, while socialism was the path to a better future. In so doing, she casts new light on his political theory, including his theory of social progress; his support for democracy; his feminism; his concept of utility; his understanding of individuality; and his account of "the permanent interests of man as a progressive being," which is so central to his famous harm principle. As we look to rebuild the world in the wake of financial crises, climate change, and a global pandemic, John Stuart Mill, Socialist offers a radical rereading of the philosopher and a fresh perspective on contemporary meanings of socialism.

Socialism: Past andFuture is prominent thinker Michael Harrington's final contribution. He composed a thoughtful, intelligent, and compassionate treatise on the role of socialism in modern...