The economics of feasible socialism / Alec Nove.

Originally published: London: Allen and Unwin, 1983.

Includes bibliographical references and index.

A Note on the Notes -- Addendum to Preface, January 1984 -- Preface to the Second Edition -- Introduction: Socialism--Why? -- Pt. leaves The Legacy of Marx. What Did Marx Mean by Socialism? Abundance, Scarcity and the New Man. The Law of Value under Socialism. A Digression on Marxian Economics. Sancta Simplicitas. The Ex Ante Illusion. Quality and Quantity. Division of Labour. Material and Moral Incentives. The 'Proletariat' and Productive Labour. The Legacy of Marx: Some Conclusions. Addendum: More on Human Psychology and 'Reductionism' -- Pt. 2. Socialism and the Soviet Experience. Introduction. Externalities and 'Internalities'. Shortages and the Sellers' Market. Planning Indicators and the Evaluation of Performance. The 'Curse of Scale', Innovation and Bureaucratic Fragmentation. Is It Planning? Class Structure, Labour, Wages and Trade Unions. Agriculture and the Peasants. Investment Decisions and Criteria in Theory and Practice. Prices in Theory and Practice. Mathematical Methods and Programming. Growth and Full Employment. Foreign Trade. The Cost of What Is Missing. Conclusion: Centralised Planning and Democratic Socialism. A Short Digression on 'Ideology' -- Pt. 3. Reform Models and Experiences. Some 'Revisionist' Critiques. The Hungarian Reform. Yugoslavia and Workers' Self-Management. Private Agriculture in Yugoslavia and Poland: Peasants and Farmers. The Polish Experience: the Road to Catastrophe. China: Leap Forward, Cultural Revolution and Reform -- Pt. 4. Transition. Some Introductory Remarks. Transition I: From Capitalism to Socialism. Some Thoughts on Nationalisation. Transition II: From 'Socialism' to Socialism. 'Developmental Socialism' -- Pt. 5. Feasible Socialism? Some Social-Political Assumptions. Enterprises, Markets and Competition. Prices, Profits and Theory of Value. Division of Labour, Wage Differentials and Self-Management. Investments and Growth. Foreign Trade. The Economic Role of Democratic Politics. Is It Socialism? Conclusion. Appendix 1: On Contradiction -- Appendix 2: Three Critiques -- Appendix 3: A Note on Utopia.

The first part of The Economics of Feasible Socialism demonstrates why Marx's theories provide no guide to the issues that must face economists under any realistically conceivable Socialism. The experience of communist-ruled countries, especially the former Soviet Union, is often negative: economic inefficiency, bureaucracy, despotism. The causes of these defects and possible remedies and reforms are discussed. The problems of transition, in the context of Western industrialized countries and of developing countries, is also examined, with particular attention centred on the errors of economic policy in Chile and China, amongst other countries.

First published in 1983. Reprinted in 2003 by Routledge.