Production for use
Encyclopedia
Production for use is a defining criterion of a socialist economy and distinguishes socialism from capitalism
(which is based on production for profit). This criterion was one of the fundamental defining characteristics of socialism initially shared by Marxian socialists
, evolutionary socialist
s, anarchists and Christian socialists.
Production for use is contrasted with production for profit (subjecting production to the perpetual accumulation of capital
). The criterion of production for use implies that the production of goods and services would be undertaken to satisfy economic demands and human needs directly and the value of economic output would be based on its usefulness instead of exchange-value; thus, the productive apparatus of society would directly serve individual and social needs. In contrast to production for use, production for profit implies that economic activity and production can only be undertaken if it generates a profit
, or the indirect satisfaction of use-values by orienting production toward generating a profit to be reinvested into the economy (and the constant continuation of this process), the result being that society is structured around the perpetual need for a continuous accumulation of capital.
) does not satisfy the economic needs of people, especially the working-class, because capital only invests in production when it is profitable. This fails to satisfy demand (the needs) of people who lack basic necessities but have insufficient purchasing power to acquire these needs in a manner that would be profitable for businesses. This results in a number of inefficiencies: unsold items are rarely given away to people who need but can’t afford them, unemployed workers are not utilized to produce such services, and resources are expended on occupations that serve no other purpose than to support the accumulation of capital instead of being utilized to provide useful goods and services. For example, the United States housing bubble
resulted in an overproduction
of housing units that could not be sold at a profit, despite there being sufficient demand and need for housing units.
Production for use was the historically dominant modality until the initial primitive accumulation of capital.
Production for use is not in conflict with market allocation
. For example, final output (goods and services for consumption) would still be distributed to consumers through a market. Only in a sufficiently developed stage of socialism whereby the forces of production are advanced enough to allow for superabundances of goods and services can distribution be based on free-access / according to needs
.
Economic planning is not synonymous with production for use. Planning is essential in modern globalised production both within enterprises and within nation states. Planning to maximize profitability (i.e., within industries and private corporations) or to improve the efficiency of capital accumulation in the capitalist macro-economy (i.e., monetary policy
, fiscal policy
, industrial policy
) does not change the fundamental criteria and need to generate a financial profit to be reinvested into the economy, lest it go into a crisis. A more recent critique of production for profit is that it fails spectacularly to address issues such as externalities
which the board and management of a for profit enterprise are often under a fiduciary responsibility to ignore if they harm or conflict with the shareholders' profit motives.
Advertisement and planned obsolescence
are strategies used by businesses to generate demand for the perpetual consumption required for capitalism to sustain itself so that instead of satisfying social and individual needs, capitalism first and foremost serves the artificial need for the perpetual accumulation of capital.
The creation of industries, projects and services for no other purpose than generating profit, economic growth or maintaining employment. The drive to create such industries arises from the need to absorb the savings in the economy (and thus, to maintain the accumulation of capital). This can take the form of corporatization and commercialization of public services (i.e., transforming them into profit-generating industries to absorb investment), or the creation and expansion of sectors of the economy that don't produce any economic value by themselves (that deal only with exchange-related activities) such as financial services, contributing to the formation of economic bubbles, crises and ultimately recessions.
For socialists, the solution to these problems entails a reorientation of the economic system from production for profit and the need to accumulate capital to a system where production is adjusted to meet individual and social demands directly.
, who argue that cooperative
and public enterprises can compete with each other to generate profit in a market economy, and that these profits would accrue to society at large (i.e., a Social dividend
). Social democrats have rejected this concept, and wish to retain the capitalist economic system by promoting a welfare state
and economic regulation. In particular, some market socialists justify their position by claiming that society as a whole would control the surplus product
(the profit generated by publicly-owned firms), which could be used to fund a social dividend
to finance public goods or public investment as opposed to accumulating in the hands of capitalists/shareholders.
as a capitalist or state-capitalist economy.
The economy of the Soviet Union
was based upon capital accumulation for reinvestment and production for profit; the difference between Western capitalism was that the Soviet Union achieved this through nationalized
industry and state-directed investment with the eventual goal of building a socialist society based upon production for use and self-management
. Vladimir Lenin
described the Soviet economy as "state-monopoly capitalism" and did not consider it to be socialism. During the 1965 Liberman Reforms
, the Soviet Union re-introduced profitability as a criteria for industrial enterprises. Other views argue the Soviet Union evolved into a non-capitalist, and non-socialist system characterized by control and subordination of society by the party apparatus or those who coordinate the economy (Bureaucratic collectivism
).
, profit would only accrue to owners if they produced useful products as determined by buyers. Second, both socialist and capitalist production requires capital (when it is defined as tools for production as opposed to sums of money seeking investment), so the need for the accumulation of capital applies equally to both socialism and capitalism. The third criticism, elaborated by the Austrian school of economics, states the implication that use value can be determined without a profit and loss mechanism is false - use value can only be discovered by the revealed preferences of people. (See the calculation problem.)
identifies the emergence of the open software movement and peer-to-peer production as an emergent alternative mode of production
to the capitalist economy that is based on collaborative self-management, common ownership of resources, and the (direct) production of use-values through the free cooperation of producers who have access to distributed capital.
Commons-based peer production
generally involves developers who produce goods and services with no aim to profit directly, but freely contribute to a project relying upon an open common pool of resources and software code. In both cases, production is carried out directly for use - software is produced solely for their use-value.
and Input-Output analysis) or some natural unit of accounting, such as energy accounting
.
Input-output model
analysis is based upon directly determining the physical quantities of goods and services to be produced and allocating economic inputs accordingly; thus production targets are pre-planned. Soviet economic planning was overwhelmingly focused on material balances - balancing the supply of economic inputs with planned output targets.
formulated a mechanism for the direct allocation of capital goods in a socialist economy that was based on the marginal cost
of production. Under a capitalist economy, managers of firms are ordered and legally required to based production around profitability, and in theory, competitive pressure creates a downward pressure on profits and forces private businesses to be responsive to demands of consumers, indirectly approximating production for use. In the Lange Model, the firms would be publicly-owned and the managers would be tasked with setting the price of output to its marginal cost, thereby achieving pareto efficiency
through direct allocation.
, argued that the computer is more efficient than the market process at solving the multitude of simultaneous equations required for allocating economic inputs efficiently (either in terms of physical quantities or monetary prices).
Salvador Allende
's socialist-led government developed Project Cybersyn
; a system whereby economic decisions and feedback could be relayed in real-time through a network of telex machines fusing the information received/given by state enterprises and government departments. The project was disbanded after the 1973 Chilean coup d'état.
would continue to operate in a socialist economy, cooperative models of free-market socialism have proposed that simply replacing the antagonistic interests between capitalists and workers in enterprises would alter the orientation of the economy from private profit to meeting the demands of the community, as firms would seek to maximize the benefits to the member-workers that would comprise society. Cooperative economist Jaroslav Vanek
suggests that worker self-management and cooperative ownership of enterprises operating in a free-market would allow for a genuine free-market economy free of the market-distorting, monopolistic tendencies and antagonistic interests that emerge from private ownership over production.
Capitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
(which is based on production for profit). This criterion was one of the fundamental defining characteristics of socialism initially shared by Marxian socialists
Socialism (Marxism)
In Marxist theory, socialism, or the socialist mode of production, refers to a specific historical phase of economic development and its corresponding set of social relations that eventually supersede capitalism...
, evolutionary socialist
Democratic socialism
Democratic socialism is a description used by various socialist movements and organizations to emphasize the democratic character of their political orientation...
s, anarchists and Christian socialists.
Production for use is contrasted with production for profit (subjecting production to the perpetual accumulation of capital
Capital accumulation
The accumulation of capital refers to the gathering or amassing of objects of value; the increase in wealth through concentration; or the creation of wealth. Capital is money or a financial asset invested for the purpose of making more money...
). The criterion of production for use implies that the production of goods and services would be undertaken to satisfy economic demands and human needs directly and the value of economic output would be based on its usefulness instead of exchange-value; thus, the productive apparatus of society would directly serve individual and social needs. In contrast to production for use, production for profit implies that economic activity and production can only be undertaken if it generates a profit
Profit (economics)
In economics, the term profit has two related but distinct meanings. Normal profit represents the total opportunity costs of a venture to an entrepreneur or investor, whilst economic profit In economics, the term profit has two related but distinct meanings. Normal profit represents the total...
, or the indirect satisfaction of use-values by orienting production toward generating a profit to be reinvested into the economy (and the constant continuation of this process), the result being that society is structured around the perpetual need for a continuous accumulation of capital.
Description
Proponents of socialism argue that production for profit (i.e., capitalismCapitalism
Capitalism is an economic system that became dominant in the Western world following the demise of feudalism. There is no consensus on the precise definition nor on how the term should be used as a historical category...
) does not satisfy the economic needs of people, especially the working-class, because capital only invests in production when it is profitable. This fails to satisfy demand (the needs) of people who lack basic necessities but have insufficient purchasing power to acquire these needs in a manner that would be profitable for businesses. This results in a number of inefficiencies: unsold items are rarely given away to people who need but can’t afford them, unemployed workers are not utilized to produce such services, and resources are expended on occupations that serve no other purpose than to support the accumulation of capital instead of being utilized to provide useful goods and services. For example, the United States housing bubble
United States housing bubble
The United States housing bubble is an economic bubble affecting many parts of the United States housing market in over half of American states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and may not yet have hit bottom as of 2011. On December 30, 2008 the...
resulted in an overproduction
Overproduction
In economics, overproduction, oversupply or excess of supply refers to excess of supply over demand of products being offered to the market...
of housing units that could not be sold at a profit, despite there being sufficient demand and need for housing units.
Production for use was the historically dominant modality until the initial primitive accumulation of capital.
Production for use is not in conflict with market allocation
Market
A market is one of many varieties of systems, institutions, procedures, social relations and infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services in exchange for money from buyers...
. For example, final output (goods and services for consumption) would still be distributed to consumers through a market. Only in a sufficiently developed stage of socialism whereby the forces of production are advanced enough to allow for superabundances of goods and services can distribution be based on free-access / according to needs
From each according to his ability, to each according to his need
From each according to his ability, to each according to his need is a slogan popularised by Karl Marx in his 1875 Critique of the Gotha Program. In German, "Jeder nach seinen Fähigkeiten, jedem nach seinen Bedürfnissen!"...
.
Economic planning is not synonymous with production for use. Planning is essential in modern globalised production both within enterprises and within nation states. Planning to maximize profitability (i.e., within industries and private corporations) or to improve the efficiency of capital accumulation in the capitalist macro-economy (i.e., monetary policy
Monetary policy
Monetary policy is the process by which the monetary authority of a country controls the supply of money, often targeting a rate of interest for the purpose of promoting economic growth and stability. The official goals usually include relatively stable prices and low unemployment...
, fiscal policy
Fiscal policy
In economics and political science, fiscal policy is the use of government expenditure and revenue collection to influence the economy....
, industrial policy
Industrial policy
The Industrial Policy plan of a nation, sometimes shortened IP, "denotes a nation's declared, official, total strategic effort to influence sectoral development and, thus, national industry portfolio." These interventionist measures comprise "policies that stimulate specific activities and promote...
) does not change the fundamental criteria and need to generate a financial profit to be reinvested into the economy, lest it go into a crisis. A more recent critique of production for profit is that it fails spectacularly to address issues such as externalities
Externality
In economics, an externality is a cost or benefit, not transmitted through prices, incurred by a party who did not agree to the action causing the cost or benefit...
which the board and management of a for profit enterprise are often under a fiduciary responsibility to ignore if they harm or conflict with the shareholders' profit motives.
Outcomes of production for profit
A number of irrational outcomes occur from capitalism and the need to accumulate capital when capitalist economies reach a point in development whereby investment accumulates at a greater rate than growth of profitable investment opportunities.Advertisement and planned obsolescence
Planned obsolescence
Planned obsolescence or built-in obsolescence in industrial design is a policy of deliberately planning or designing a product with a limited useful life, so it will become obsolete or nonfunctional after a certain period of time...
are strategies used by businesses to generate demand for the perpetual consumption required for capitalism to sustain itself so that instead of satisfying social and individual needs, capitalism first and foremost serves the artificial need for the perpetual accumulation of capital.
The creation of industries, projects and services for no other purpose than generating profit, economic growth or maintaining employment. The drive to create such industries arises from the need to absorb the savings in the economy (and thus, to maintain the accumulation of capital). This can take the form of corporatization and commercialization of public services (i.e., transforming them into profit-generating industries to absorb investment), or the creation and expansion of sectors of the economy that don't produce any economic value by themselves (that deal only with exchange-related activities) such as financial services, contributing to the formation of economic bubbles, crises and ultimately recessions.
For socialists, the solution to these problems entails a reorientation of the economic system from production for profit and the need to accumulate capital to a system where production is adjusted to meet individual and social demands directly.
Contrary socialist theories
The concept of production for use has been rejected by some socialists, most notably proponents of market socialismMarket socialism
Market socialism refers to various economic systems where the means of production are either publicly owned or cooperatively owned and operated for a profit in a market economy. The profit generated by the firms system would be used to directly remunerate employees or would be the source of public...
, who argue that cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
and public enterprises can compete with each other to generate profit in a market economy, and that these profits would accrue to society at large (i.e., a Social dividend
Social dividend
A social dividend is a proposal for allocating surplus value, or economic profits, generated by publicly-owned enterprises in a socialist economic system...
). Social democrats have rejected this concept, and wish to retain the capitalist economic system by promoting a welfare state
Welfare state
A welfare state is a "concept of government in which the state plays a key role in the protection and promotion of the economic and social well-being of its citizens. It is based on the principles of equality of opportunity, equitable distribution of wealth, and public responsibility for those...
and economic regulation. In particular, some market socialists justify their position by claiming that society as a whole would control the surplus product
Surplus product
Surplus product is a concept explicitly theorised by Karl Marx in his critique of political economy. Marx first began to work out his idea of surplus product in his 1844 notes on James Mill's Elements of political economy...
(the profit generated by publicly-owned firms), which could be used to fund a social dividend
Social dividend
A social dividend is a proposal for allocating surplus value, or economic profits, generated by publicly-owned enterprises in a socialist economic system...
to finance public goods or public investment as opposed to accumulating in the hands of capitalists/shareholders.
Contrasted with state capitalism
As an objective criterion for socialism, production for use can be used to evaluate the socialistic content of the composition of former and existing economic systems. For example, an economic system that is dominated by nationalized firms organized around the production of profit - whether this profit is retained by the firm or paid to the government as a dividend payment - would be a State capitalist economy. In such a system, the organizational structure of the firm remains similar to a private-sector firm; non-financial costs are externalized because profitability is the criteria for production, so that the majority of the economy remains essentially capitalist despite the formal title of "public ownership". This has led many socialists to categorize the current Chinese economic systemSocialist market economy
The socialist market economy or socialist market economy with Chinese characteristics is the official term used to refer to the economic system of the People's Republic of China after the reforms of Deng Xiaoping. It is also referred to as socialism with Chinese characteristics...
as a capitalist or state-capitalist economy.
The economy of the Soviet Union
Economy of the Soviet Union
The economy of the Union of Soviet Socialist Republics was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning...
was based upon capital accumulation for reinvestment and production for profit; the difference between Western capitalism was that the Soviet Union achieved this through nationalized
Nationalization
Nationalisation, also spelled nationalization, is the process of taking an industry or assets into government ownership by a national government or state. Nationalization usually refers to private assets, but may also mean assets owned by lower levels of government, such as municipalities, being...
industry and state-directed investment with the eventual goal of building a socialist society based upon production for use and self-management
Economic democracy
Economic democracy is a socioeconomic philosophy that suggests a shift in decision-making power from a small minority of corporate shareholders to a larger majority of public stakeholders...
. Vladimir Lenin
Vladimir Lenin
Vladimir Ilyich Lenin was a Russian Marxist revolutionary and communist politician who led the October Revolution of 1917. As leader of the Bolsheviks, he headed the Soviet state during its initial years , as it fought to establish control of Russia in the Russian Civil War and worked to create a...
described the Soviet economy as "state-monopoly capitalism" and did not consider it to be socialism. During the 1965 Liberman Reforms
1965 Soviet economic reform
The 1965 Soviet economic reform, widely referred to simply as the Kosygin reform or Liberman reform, was a reform of economic management and planning, carried out between 1965 and 1971...
, the Soviet Union re-introduced profitability as a criteria for industrial enterprises. Other views argue the Soviet Union evolved into a non-capitalist, and non-socialist system characterized by control and subordination of society by the party apparatus or those who coordinate the economy (Bureaucratic collectivism
Bureaucratic collectivism
Bureaucratic collectivism is a theory of class society. It is used by some Trotskyists to describe the nature of the Soviet Union under Joseph Stalin, and other similar states in Central and Eastern Europe and elsewhere .- Theory :...
).
Neoclassical economic critique
Neo-classical economists see several flaws in this socialist concept. First, "production for use" or "production for profit" is a false dichotomy since, in the theoretical abstraction of perfectly competitive marketsPerfect competition
In economic theory, perfect competition describes markets such that no participants are large enough to have the market power to set the price of a homogeneous product. Because the conditions for perfect competition are strict, there are few if any perfectly competitive markets...
, profit would only accrue to owners if they produced useful products as determined by buyers. Second, both socialist and capitalist production requires capital (when it is defined as tools for production as opposed to sums of money seeking investment), so the need for the accumulation of capital applies equally to both socialism and capitalism. The third criticism, elaborated by the Austrian school of economics, states the implication that use value can be determined without a profit and loss mechanism is false - use value can only be discovered by the revealed preferences of people. (See the calculation problem.)
Social production and peer-to-peer processes
Michel BauwensMichel Bauwens
Michel Bauwens is a Belgian Peer-to-Peer theorist and an active writer, researcher and conference speaker on the subject of technology, culture and business innovation.-Biography:...
identifies the emergence of the open software movement and peer-to-peer production as an emergent alternative mode of production
Mode of production
In the writings of Karl Marx and the Marxist theory of historical materialism, a mode of production is a specific combination of:...
to the capitalist economy that is based on collaborative self-management, common ownership of resources, and the (direct) production of use-values through the free cooperation of producers who have access to distributed capital.
Commons-based peer production
Commons-based peer production
Commons-based peer production is a term coined by Harvard Law School professor Yochai Benkler to describe a new model of socio-economic production in which the creative energy of large numbers of people is coordinated into large, meaningful projects mostly without traditional hierarchical...
generally involves developers who produce goods and services with no aim to profit directly, but freely contribute to a project relying upon an open common pool of resources and software code. In both cases, production is carried out directly for use - software is produced solely for their use-value.
Valuation and calculation
Multiple forms of valuation have been proposed to govern production in a socialist economy, to serve as a unit of account and to quantify the usefulness of an object in socialism. These include valuations based on labor-time, the expenditure of energy in production, or disaggregated units of physical quantities.Physical quantities
The classic formulation of socialism involved replacing the criteria of value from money (exchange-value) to physical utility (use-value), to be quantified in terms of physical quantities (Calculation in kindCalculation in kind
Calculation in kind is a type of accounting based on physical magnitudes and physical quantities rather than a common unit of accounting for economic calculation. Calculation in kind, or valueless calculation, is often described as the form of calculation that would supersede monetary calculation...
and Input-Output analysis) or some natural unit of accounting, such as energy accounting
Energy accounting
Energy accounting is a system used within industry, where measuring and analyzing the energy consumption of different activities is done to improve energy efficiency.-Energy management:...
.
Input-output model
Input-output model
In economics, an input-output model is a quantitative economic technique that represents the interdependencies between different branches of national economy or between branches of different, even competing economies. Wassily Leontief developed this type of analysis and took the Nobel Memorial...
analysis is based upon directly determining the physical quantities of goods and services to be produced and allocating economic inputs accordingly; thus production targets are pre-planned. Soviet economic planning was overwhelmingly focused on material balances - balancing the supply of economic inputs with planned output targets.
Marginal cost
Oskar LangeOskar Lange
Oskar Ryszard Lange was a Polish economist and diplomat...
formulated a mechanism for the direct allocation of capital goods in a socialist economy that was based on the marginal cost
Marginal cost
In economics and finance, marginal cost is the change in total cost that arises when the quantity produced changes by one unit. That is, it is the cost of producing one more unit of a good...
of production. Under a capitalist economy, managers of firms are ordered and legally required to based production around profitability, and in theory, competitive pressure creates a downward pressure on profits and forces private businesses to be responsive to demands of consumers, indirectly approximating production for use. In the Lange Model, the firms would be publicly-owned and the managers would be tasked with setting the price of output to its marginal cost, thereby achieving pareto efficiency
Pareto efficiency
Pareto efficiency, or Pareto optimality, is a concept in economics with applications in engineering and social sciences. The term is named after Vilfredo Pareto, an Italian economist who used the concept in his studies of economic efficiency and income distribution.Given an initial allocation of...
through direct allocation.
Cybernetics
Cybernetics, the use of computers to coordinate production in an optimal fashion, has been suggested for socialist economies. Oskar Lange, rejecting his earlier proposals for market socialismMarket socialism
Market socialism refers to various economic systems where the means of production are either publicly owned or cooperatively owned and operated for a profit in a market economy. The profit generated by the firms system would be used to directly remunerate employees or would be the source of public...
, argued that the computer is more efficient than the market process at solving the multitude of simultaneous equations required for allocating economic inputs efficiently (either in terms of physical quantities or monetary prices).
Salvador Allende
Salvador Allende
Salvador Allende Gossens was a Chilean physician and politician who is generally considered the first democratically elected Marxist to become president of a country in Latin America....
's socialist-led government developed Project Cybersyn
Project Cybersyn
Project Cybersyn was a Chilean attempt at real-time computer-controlled planned economy in the years 1970–1973 . It was essentially a network of telex machines that linked factories with a single computer centre in Santiago, which controlled them using principles of cybernetics...
; a system whereby economic decisions and feedback could be relayed in real-time through a network of telex machines fusing the information received/given by state enterprises and government departments. The project was disbanded after the 1973 Chilean coup d'état.
Free market
Based on the perspective that the law of valueLaw of value
-General:The law of value is a central concept in Karl Marx's critique of political economy, first expounded in his polemic The Poverty of Philosophy against Pierre-Joseph Proudhon, with reference to David Ricardo's economics...
would continue to operate in a socialist economy, cooperative models of free-market socialism have proposed that simply replacing the antagonistic interests between capitalists and workers in enterprises would alter the orientation of the economy from private profit to meeting the demands of the community, as firms would seek to maximize the benefits to the member-workers that would comprise society. Cooperative economist Jaroslav Vanek
Jaroslav Vanek
Jaroslav Vanek is an economist and Professor Emeritus of Cornell University known for his research on labour-managed firms , and also to the theory of international trade.-Career:...
suggests that worker self-management and cooperative ownership of enterprises operating in a free-market would allow for a genuine free-market economy free of the market-distorting, monopolistic tendencies and antagonistic interests that emerge from private ownership over production.
See also
- Calculation in kindCalculation in kindCalculation in kind is a type of accounting based on physical magnitudes and physical quantities rather than a common unit of accounting for economic calculation. Calculation in kind, or valueless calculation, is often described as the form of calculation that would supersede monetary calculation...
- Economic planningEconomic planningEconomic planning refers to any directing or planning of economic activity outside the mechanisisms of the market, in an attempt to achieve specific economic or social outcomes. Planning is an economic mechanism for resource allocation and decision-making in contrast with the market mechanism...
- Law of valueLaw of value-General:The law of value is a central concept in Karl Marx's critique of political economy, first expounded in his polemic The Poverty of Philosophy against Pierre-Joseph Proudhon, with reference to David Ricardo's economics...
- Market failureMarket failureMarket failure is a concept within economic theory wherein the allocation of goods and services by a free market is not efficient. That is, there exists another conceivable outcome where a market participant may be made better-off without making someone else worse-off...
- Mode of productionMode of productionIn the writings of Karl Marx and the Marxist theory of historical materialism, a mode of production is a specific combination of:...
- Planned obsolescencePlanned obsolescencePlanned obsolescence or built-in obsolescence in industrial design is a policy of deliberately planning or designing a product with a limited useful life, so it will become obsolete or nonfunctional after a certain period of time...
- Post-capitalismPost-capitalismPost-capitalism refers to any hypothetical future economic system that is to supersede capitalism as the dominant form of economic organization.-Post-capitalist systems:There have been a number of proposals for a new economic system to replace capitalism...
- Socialist economicsSocialist economicsSocialist economics are the economic theories and practices of hypothetical and existing socialist economic systems.A socialist economy is based on public ownership or independent cooperative ownership of the means of production, wherein production is carried out to directly produce use-value,...
- Socialist critique of capitalism
- Socialist mode of production
- Socialization (economics)Socialization (economics)In economic discourse, socialization has several different but related connotations. In socialist economics, the term usually refers to the process whereby production is reorganized away from producing for private profit to producing goods and services directly for use, along with the end of the...
- Time-based currencyTime-based currencyIn economics, a time-based currency is an alternative currency where the unit of exchange is the man-hour.Some time-based currencies value everyone’s contributions equally. One hour equals one service credit...
- Use-value