Purpose This paper is a response to the doctrine that capital is incompatible with public ownership. The fundamental characteristics of modern productivity determine the co-existence of the market economy and capital relations. Design/methodology/approach Socialism can neither bypass the market...

What is the relationship between central planning, pervasive shortages, and soft budget constraints under socialism? In this paper, we address this question by exploring the evolution of János Kornai’s work on the operation of real-world socialism. In doing so, our goal is to reframe...

This essay outlines the big-picture aspects of capitalism and socialism, and uses this overview to discuss human liberty and economic liberty in each system. Additionally, I note that some have argued that capitalism is unfair or immoral and so I consider three specific and common moral...

This paper seeks to critique the majority opinion among Indian and Indian origin intellectuals who largely criticized the film 'Slumdog Millionaire' for what was seen as a stereotypical portrayal of poverty and slums. Instead I seek to read the film in a different way based on research on urban...

The recent ascent of right-wing populist movements in many countries has rekindled interest in understanding the causes of the rise of Fascism in inter-war years. In this paper, we argue that there was a strong link between the surge of support for the Socialist Party after World War I (WWI) and...

Thomas Piketty repeats throughout Capital in the Twenty-First Century that today's levels of inequality are not inevitable, much less natural, and has connected the state of democracy worldwide to rising economic inequality. Wealth transfers from the state to the private sector, wealth transfers...