Cover

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Frontmatter

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Contents

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Foreword

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pp. vii-viii

Two dates, seventy-four years apart, serve as bookends to the twentieth century’s many experiments with socialism. On November 8, 1917, Vladimir Lenin announced the formation of a new communist government in what was to become the Soviet Union, a government that ruled in one form or another until Christmas Day 1991, when Mikhail Gorbachev resigned and...

Acknowledgments

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pp. ix-x

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Chapter 1. Hayek, Marx, and Socialism

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pp. 1-16

Classical socialism was a movement to replace the unplanned and exploitative institutions of capitalism with national planning, public ownership, and distribution according to human need rather than by the arbitrary capriciousness of the market. Its goals were to distribute economic resources broadly among the people in order to create the conditions for widespread, ...

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Chapter 2. Hayek’s Postmodern Economics

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pp. 17-37

In the history of economic thought, Hayek’s version of Austrian economics is often categorized as a branch of neoclassical economics. This categorization is misleading. Neoclassical economists understand economic outcomes to be the result of actions by and interactions among self-interested individuals who constantly seek to enhance their subjectively perceived well-being...

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Chapter 3. Hayek’s Theory of the Common Good: Social Evolution, Law, and Justice

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pp. 38-57

In The Road to Serfdom, Hayek defines the common good to be “limited to the fields where people agree on common ends,” and he maintains that “people are most likely to agree on common action where the common end is not an ultimate end to them but a means capable of serving a great variety of purposes” (Hayek [1944] 1976, 60). ...

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Chapter 4. Recasting Hayek’s Good Society: The Non-Neutrality of the Law and the Market

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pp. 58-81

This chapter opens the door to a post-Hayekian socialism by critically examining Hayek’s vision of the good society. Hayek claims that a market economy guided by the rule of law is an impartial, procedurally just system that improves the life chances of anyone chosen at random and thus that such an economy serves the common good more effectively than any other method of...

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Chapter 5. Social Justice and Hayekian Knowledge Problems

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pp. 82-100

If there is reason to think that the common law process might not yield a disinterested evolution of property rights that serve the collective interest, then democratic processes and institutions should have a more prominent role than Hayek is willing to grant to deliberate about the nature of the common good and about the scope and limits of the property rights that promote it. ...

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Chapter 6. Socialist Appropriative Justice and the Labor-Managed Firm

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pp. 101-121

To make the case that a socialist future absent exploitation might be achieved by labor-managed enterprises operating in the context of private ownership and markets, a more thorough exploration of the nature of the injustice of capitalist exploitation is necessary. This is so because many of the traditional Marxian interpretations of the injustice of exploitation invariably concentrate...

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Chapter 7. Socialist Distributive Justice and the Stakeholder Society

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pp. 122-137

Suppose we imagine a future in which Jaroslav Vanek’s proposed constitutional amendment to prohibit the capitalist employment relation (cited in chap. 6) obtained enough support to become the law of the land. His amendment requires that workers in a common enterprise democratically appropriate the results of their labor and democratically manage their collective...

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Chapter 8. Socialism after Hayek

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pp. 138-146

Traditional understandings of socialism have been antimarket. These views generally underestimate or ignore what I have called Hayek’s “applied epistemological postmodernism.” Because I accept many aspects of this applied postmodernism, I agree with Hodgson when he claims that socialism “must overcome its congenital agoraphobia” (Hodgson 1999, 61). ...

Notes

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pp. 147-153

References

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pp. 155-163

Index

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pp. 165-171