Liberalism after Burczak: redistribution, worker self-management and the market process

David Andersson

Journal of Institutional Economics, 2010, vol. 6, issue 4, 529-542

Abstract: In Socialism after Hayek, Theodore Burczak uses Hayekian insights to argue in favor of a socialist society with real markets, but also with wealth redistribution and prohibition of wage labor. In so doing, he offers not only a socialist vision but also asks questions that may challenge Hayekian liberals to reformulate their institutional analyses. A critical assessment that combines Austrian and institutional theories leads to the conclusion that some redistributive policies may enhance the knowledge-disseminating function of markets, but that a market order that is limited to worker-managed firms diminishes the knowledge dissemination properties of the market process.

Date: 2010
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