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Against the Market: Political Economy, Market Socialism & the Marxist Critique

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Key Metrics

  • David McNally
  • Verso
  • Paperback
  • 9780860916062
  • 8 X 5 X 0.62 inches
  • 0.67 pounds
  • Business & Economics > Economics - Theory
  • English
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Book Description

In this innovative book, David McNally develops a powerful critique of market socialism, by tracing it back to its roots in early political economy. He ranges from Adam Smith's attempt to reconcile moral philosophy with market economics to Malthus's reformulation of Smith's political economy which made it possible to justify poverty as a moral necessity. Smith's economic theory was also the source of an attempt to construct a critique of capitalism derived from his conception of free and equal exchange governed by natural price. This Smithian forerunner of today's market socialism sought to reform the market without abolishing the social relations on which it was based. McNally explores this tradition sympathetically, but exposes its fatal flaws.

The book concludes with an incisive consideration of efforts by writers such as Alec Nove to construct a feasible model of market socialism. McNally shows these efforts are still plagued by the failure of early Smithian socialism to come to grips with the social foundations of the market, the commodification of labor-power which is the key to market regulation of the economy. The results, he argues, are neither socialist nor workable.

Against the Market: Political Economy, Market Socialism & the Marxist Critique

Author Bio

David McNally specializes in the history and political economy of capitalism. The author of seven books and over 60 scholarly articles, Professor McNally taught political economy at York University in Toronto before joining the Department of History at the University of Houston. He holds his Ph.D., M.A., and B.A. from York University. 

His research has addressed issues of race, migration, gender and social reproduction in the development of global capitalism. Professor McNally has won the Paul Sweezy Award for his book, Global Slump: The Economics and Politics of Crisis and Resistance, and the Deutscher Memorial Award for Monsters of the Market: Zombies, Vampires and Global Capitalism. 

Professor McNally's latest book, Blood and Money: War, Slavery, Finance, and Empire (2020) is now being translated into German.

 

Source: University of Houston 

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