Jump to ContentJump to Main Navigation
From Marx to the MarketSocialism in Search of an Economic System$
Users without a subscription are not able to see the full content.

Wlodzimierz Brus and Kazimierz Laski

Print publication date: 1991

Print ISBN-13: 9780198283997

Published to Oxford Scholarship Online: November 2003

DOI: 10.1093/0198283997.001.0001

Show Summary Details
Page of

PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 28 October 2020

The Capital Market and the Problem of Full Employment

The Capital Market and the Problem of Full Employment

(p.105) 9 The Capital Market and the Problem of Full Employment
From Marx to the Market

Włodzimierz Brus

Kazimierz Laski (Contributor Webpage)

Oxford University Press

In this chapter, the problems related to capital (in addition to product and labour) market as a constitutional element of market socialism proper (MS) are discussed. First, high benign consequences expected from the introduction of equity shares market are stressed. Second, these expectations are confronted with the well‐known tendency of the pure market mechanism to underemployment and cyclical fluctuations. Third, the possibilities and limits to attenuate these phenomena by fiscal and monetary policies in MS are analysed. Fourth, the idea of a general capital charge to be levied on every type of asset owned by firms, regardless of the degree of their liquidity, is proposed. This charge aims to solve the general conflict which may arise in MS between a given distribution of national income and the final use of this income needed for securing both optimal utilization of capacity and full employment. However, the authors do not hide formidable difficulties in combining in MS micro efficiency with macro stability at a satisfactory level of economic activity.

Keywords:   banking, capital charge, capital market, fiscal policy, investment, market socialism, monetary policy, resource utilization, savings

Oxford Scholarship Online requires a subscription or purchase to access the full text of books within the service. Public users can however freely search the site and view the abstracts and keywords for each book and chapter.

Please, subscribe or login to access full text content.

If you think you should have access to this title, please contact your librarian.

To troubleshoot, please check our FAQs , and if you can't find the answer there, please contact us .