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The rich will do anything for the poor but get off their backs. Art is always and everywhere the secret confession, and at the same time the immortal movement of its time. Owners of capital will stimulate working class to buy more and more of expensive goods, houses and technology, pushing them to take more and more expensive credits, until their debt becomes unbearable. The unpaid debt will lead to bankruptcy of banks which will have to be nationalized and State will have to take the road which will eventually lead to communism. Said to be a quote from Das Kapital in an anonymous email, this attribution has been debunked at Snopes.

Often attributed to Lenin or Stalin , less often to Marx. According to the book, "They Never Said It", p. Experts on the Soviet Union reject the rope quote as spurious.

If we were to hang the last capitalist, another would appear to sell us the rope. A variant of the above misquote, sometimes also attributed to Lenin. This gained popularity during the glasnost era when black market activity was at its most visible in the USSR; meant to show the profit motive was human nature and cannot be eradicated.

History of socialism

Surround yourself with people who make you happy. People who genuinely care. They are the ones worth keeping in your life. Everyone else is just passing through Attributed to Karl Marx, a composer with the same name.


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Catch a man a fish, and you can sell it to him. Under the New Economic Mechanism NEM inaugurated in , Hungarian firms were still owned by the state but were no longer subject to formal output quotas or input allocations. But enterprises now had to acquire their inputs and sell their outputs on the open market, with the state, in principle, guiding the economy and capital accumulation solely through macroeconomic means — that is, through control of taxes, interest rates, subsidies, and the like.

From Marx to the Market: Socialism in Search of an Economic System

The command economy of the Stalin era was a thing of the past. The results were a disappointment. But, not a complete disappointment: any foreign visitor to Hungary in the s could see a marked improvement in the quality, and variety of consumer goods now that firms had to pay attention to cost and demand. Yet innovative activity was still nonexistent and shortages persisted. Hungarian economists were nearly unanimous in finding no qualitative change in the overall operation of the economy. Enforced through special taxes and subsidies imposed on individual firms on a discretionary basis, along with informal quotas, licenses, price controls, and so on, this financial tutelage largely negated whatever autonomy firms were supposed to wield under the New Economic Mechanism.

History of socialism - Wikipedia

The NEM had envisioned the use of market mechanisms to govern decisions about the use of existing production capacity in product markets. Yet it soon became clear that these two features of the system were in contradiction with each other: in the absence of a capital market, even decisions about the use of existing capacity in product markets could not sustainably be left to autonomous firms.

If a currently unsuccessful enterprise is prevented from attempting to raise capital in the market in order to restructure its operations, including branching out into other more promising fields, or cannot be taken over by a more dynamic firm which sees latent opportunities, strict application of the market rules of the game would actually lead to gross inefficiencies: not only would those enterprises unable to recover go out of business, but also those with good prospects although in temporary difficulties.

At a time when the winds of history in Eastern Europe were blowing at gale force toward a full embrace of free-market capitalism, the two economists proposed an effort to place market socialism on firmer foundations, through the establishment of a socialist capital market mechanism. Suppose that a democratically constituted Common Fund were to carry out the compulsory purchase of all financial assets owned by households: stocks and bonds, but also mutual funds and other wealth instruments.

At the end of this process, all private financial wealth balances would represent the liabilities not of mutual fund companies or other private securities issuers, but of the Common Fund.

Economic Systems - Capitalist vs Socialist economies - The Openbook

And newly formed private businesses could, in time, be sold into this socialized capital market nudged along by incentives favoring such sales to ensure that it remained the predominant owner in the economy. And more than that would be possible.


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For example, a number of advantages would arise in the area of macroeconomic management. Under such a system of socialized finance, bank runs and their counterparts in the shadow banking system would no longer pose a threat, since subjective expectations of future returns would no longer automatically determine the exchangeable value of individually owned financial assets—that, again, would be a matter for public policy to decide.

Above all, the commanding heights of the economy would no longer constitute an archipelago of private empires ruled by Bezoses, Zuckerbergs, Kochs, or Trumps. Article By Tracy Mott.

Article By Institute Staff. Research We develop research that challenges economic orthodoxy and serves society. Education We develop resources for students and educators interested in exploring new economic thinking. Events To foster new economic thinking, we host convenings that gather together a diverse community of thinkers from different fields, countries, and schools of thought. For Media INET brings together more than Nobel laureates, scholars, policy minds and business leaders who are helping to shape economic thinking worldwide. Search Search.