This book is a completely rewritten version of the author's earlier Capitalism or Worker Control?. Its central thesis is that, despite the collapse of communism in Eastern Europe and the break-up of the Soviet Union, capitalism cannot be justified on either economic or ethical grounds. There is in fact an alternative to capitalism that promises greater efficiency, and equality, and more rational growth, democracy and meaningful work. This alternative, Economic Democracy, is market socialism with decentralised investment planning and workplace democracy. (...) Professor Schweickart compares this model with other models – laissez-faire conservatism, the Keynesian welfare state, and 'neo-liberalism' – and argues that it is really superior on every count. He also sketches out a possible transition from advanced capitalism, from what is left of the centrally planned economies, and from Third World underdevelopment, to Economic Democracy. The author concludes with some reflections on Marx's communism, as historical materialism, and on the future of Marxism. (shrink)

Is there anything morally special about free exchange? In asking this, I am asking not only about extreme, so-called “libertarian” views, on which free exchange is sacrosanct, but about more widespread, moderate views, on which there is at least something morally special about free exchange. On these more compromising views, other moral considerations may override the moral importance of free exchange, but even when rights of free exchange are restricted for good reason, something morally important is lost. For some, free (...) exchange may preserve liberty, in some morally significant sense, or realize some such moral value as “to each his own.” Alternatively, a system of free exchange may have a special moral status by virtue of the kinds of pragmatic arguments that economists give, arguments that free exchange produces good social results. Whether free exchange has any such virtues as these is the broad question I address in this paper. I offer what I have to say somewhat in the spirit of an overview. Philosophical scrutiny and economic analysis combine, it seems to me, to delineate fairly clearly what is, and what is not, morally special about free exchange. (shrink)