A Reply to Arnold's Reply

David Schweickart

Economics and Philosophy, 1987, vol. 3, issue 2, 331-334

Abstract: Professor Arnold's reply to my reply seems not to have touched the substance of my argument. Perhaps I have been unclear. Arnold contends that any form of market socialism, if unchecked by central authorities, would revert to a system essentially undistinguishable from capitalism. Against this contention I have argued that a democratic, worker-controlled, market socialism that generates its investment fund by taxation exhibits no such tendency. Specifically, I argued that in such a society1. there exists no tendency for socialized property to revert to private property (since workers have no incentive to sell off their firms to private individuals);2. the ability of private individuals to accumulate vast wealth is sharply curtailed (since interest and stock income are absent);3. the authority structures within enterprises are much more democratic than under capitalism;4. intra-firm income differentials will be far more egalitarian than under capitalism.

Date: 1987
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