Against the Market: Political Economy, Market Socialism and the Marxist Critique

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9780860916062: Against the Market: Political Economy, Market Socialism and the Marxist Critique

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.

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About the Author:

David McNally is Professor of Political Science at York University, Toronto. He is author of Political Economy and the Rise of Capitalism and Against the Market: Political Economy, Market Socialism and the Marxist Critique.

Review:

“By exposing the historical and theoretical roots of ‘market socialism,’ David McNally demonstrates in a particularly lucid and powerful way the fundamental flaws and contradictions in that concept.”—Ellen Meiksins Wood

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Book Description Verso Books, United Kingdom, 1996. Paperback. Book Condition: New. Language: English . Brand New Book. In this book, McNally develops a critique of market socialism by tracing it back to its roots in early political economy. He ranges from Adam Smith to Malthus and concludes with an incisive consideration of recent writers, such as Alec Nove. McNally shows that efforts to construct a feasible model of market socialism are plagued by contradiction. Their failure to come to terms with the social foundations of the market, the commodification of labour-power, means that market socialism is, in fact, neither socialist nor workable. Bookseller Inventory # AAJ9780860916062

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Book Description Verso Books, United Kingdom, 1996. Paperback. Book Condition: New. Language: English . Brand New Book. In this book, McNally develops a critique of market socialism by tracing it back to its roots in early political economy. He ranges from Adam Smith to Malthus and concludes with an incisive consideration of recent writers, such as Alec Nove. McNally shows that efforts to construct a feasible model of market socialism are plagued by contradiction. Their failure to come to terms with the social foundations of the market, the commodification of labour-power, means that market socialism is, in fact, neither socialist nor workable. Bookseller Inventory # AAJ9780860916062

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