Alternative models of political economy Essay Example

  1. What are the core elements of the plan outlined by Allen in the six dot pointson pages 191-192?

The core elements include:

  1. Availability of the necessary commodities such as water and services such as garbage collection
  2. Investing to an extend that consumption will not be more than investments.
  3. Defining the working days in a week for the nation.
  4. Setting the volume of incomes per individual.
  5. Environmental sustainability
  6. Distribution of ivestments
  1. Why does Allen argue that socialism is more ‘efficient’ than capitalism? What reasons does he give for this?

Capitalism creates loophoiles through which individuals amass wealth for themselves while the society gets poor and poorer while Socialism sets a fair ground for all to participate in building the economy, acting as a motivator.

  1. According to Wolff, what do socialists identify as the ‘two fundamental problems’ with capitalism?

In capitalism, the two problems with capitalism are instability and inequality

  1. What does he suggest as the solution to these problems?

The solution is the adoption of socialism which would which would ensure economic stability and bring economic equality

Reference List

Allen, Kieran (2009), ‘The economics of socialism’, in Marx and the Alternative to

Capitalism, London: Pluto Press, 176-194.

FILM: Martin, Abby (2016), ‘Marxism 101: How capitalism is killing itself with Dr. Richard D

Wolff’, The Empire Files, teleSUR, last accessed 30 June 2017 from: (running time: 35:46).