Stable Jobs or iPhones? The Dilemma of Innovation in Socialism

Mihnea Tudoreanu and David M. Kotz

Review of Radical Political Economics, 2020, vol. 52, issue 4, 642-649

Abstract: Perhaps the greatest strength of capitalism has been its ability to promote sustained technological progress. A viable socialism must also promote sustained technological progress while avoiding the problems associated with technological change under capitalism. Socialism faces a fundamental dilemma regarding technological change and job security in that technological progress is inherently disruptive. As old technologies are superseded, product lines become obsolete, production processes are changed, and certain kinds of jobs are no longer needed. Thus, technological progress creates insecurity for jobholders. Even with an employment guarantee, the loss of one’s job may require retraining, changing careers, or moving to a new location. In this paper, we propose means for promoting technological advance under planned socialism while also providing meaningful employment security.

Keywords: socialism; innovation; democratic planning (search for similar items in EconPapers)
JEL-codes: B5 P2 P5 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:sae:reorpe:v:52:y:2020:i:4:p:642-649

DOI: 10.1177/0486613420947825

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