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

Against the Market Political Economy Market Socialism 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 mor

  • Title: Against the Market: Political Economy, Market Socialism & the Marxist Critique
  • Author: DavidMcNally
  • ISBN: 9780860916062
  • Page: 316
  • Format: Paperback
  • 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 tIn 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.

    One thought on “Against the Market: Political Economy, Market Socialism & the Marxist Critique”

    1. David McNally's analysis of the market form proceeds in different parts, first drawing out the historical development of market capitalism in England. In McNally's reading the key thing about the development of the free market was above all the creation of the free market in labor, echoing the chapter on primitive accumulation in Marx's Capital, but also pointing to the enactment of the Poor Laws, the removal of protections for apprenticeships etc which removed all recourse the working classes o [...]

    2. This is McNally's brief against market socialism. It begins with a necessary frog-march through the development of capitalism and its attendant ideology, political economy. Political economy forks in the development of labour/working class responses to and critiques of capital, and winds up with Marx's body of work. At this point, McNally turns his attention to prevailing market socialist proposals. His section on the socialist calculation debate is worth the price of admission. I'll be mining t [...]

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