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(Jacobin editor Seth Ackerman is just as confused about economics as he
is about politics. This is cookbook communism almost as schematic as
Michael Albert's Parecon.)
Although Brus and Łaski advanced these ideas as a path for reforming
existing socialist economies, it is possible to imagine a transformation
to such a system from the starting point of a modern capitalist economy.
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.
Payment for the assets would be deposited in households’ bank accounts —
with ownership of those banks now in the hands of the Common Fund
itself. 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. Meanwhile, the
firms that make up society’s means of production would now constitute
the Fund’s assets, and could be allocated among newly constituted
socialized investment funds. These funds would manage their portfolios
on the Fund’s account, rather than the account of private owners. 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.
https://www.ineteconomics.org/perspectives/blog/the-forgotten-vision-of-market-socialism
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