Socialist alternatives to capitalism II: Vienna to Santa Fe

Photo by Denny Bú on Unsplash

Duncan Foley
New School for Social Research, Department of Economics, 2017
Level: advanced
Perspectives: Complexity Economics, Institutionalist Economics, Marxian Political Economy, Other
Topic: (De-)growth, Criticism of Capitalism, Social movements & Transformation
Format: Working Paper

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Socialist alternatives to capitalism II: Vienna to Santa Fe

Duncan Foley | 2017


Abstract: Optimal control theory and information technology provide tools with the capacity to implement top-down centralized allocation of resources in complex economies organized through a social division of labor. Twentieth century political and systems thinking, however, emphasize the virtues of bottom-up spontaneously organized systems. Workers’ control can be analyzed as one variety of bottom-up spontaneous organization. Another is peer production, as in the case of open-source software. A model of peer production under the name Lifenet provides some insights into the advantages and limitations of this approach to socialism.

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