The way forward from Guild Socialism: a comment on Hodgson

Mario Ferrero

Cambridge Journal of Economics, 2024, vol. 48, issue 2, 363-367

Abstract: This note starts from Hodgson’s (2023) thorough review and critique of Guild Socialism and argues that his proposed way forward—a decentralised producer cooperative sector embedded in a competitive market economy—is likely to be a political impossibility. A political economy model of a system of labour-managed firms is outlined which shows that laissez-faire on investment decisions is likely to be outvoted by a capital tax/subsidy scheme that redistributes income from rich coops to poor coops.

Keywords: Guild Socialism; Labour-managed firm; Market socialism; Redistribution; Political economy (search for similar items in EconPapers)
Date: 2024
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