The Economics of Feasible Socialism Revisited

This book shows its age in many ways. As its author, the late Alec Nove, freely admits, the work was intended to advance an argument for the consideration of an audience interested in socialism. As a "modest contribution" to discussions of socialist economics, particularly among those of us still engaged in the socialist project, it provides a thought-provoking, helpful reference point. In many respects the product of a tired realism, written at the end of a disappointing century, the book provides a sober and relatively realistic assessment of the failures and shortcomings of various attempts to build socialism and a cautious, rather modest and decidedly non-utopian proposal for its renewal. The steadfast lack of utopianism in the work gives it a dry flavour that some might find uninspiring but, in fact, although the proposals Nove makes do not translate to socialism as it's often, conventionally understood, they may certainly provide the elements of a good transition program. Works like Michael Albert's "Parecon" may provide a more radical and inspiring program for a future society than Nove's "feasible socialism" but the sheer power of the vision is, in itself, daunting (especially in the current era). We may come to turn back to Nove soon in the future and seriously consider his efforts to construct a less ambitious but, in the interim, probably more feasible socialist program for our market-worshipping times. Whatever the flaws of Nove's "market socialism" may be(and,as writers both right and left point out, there are many) it may be the best we can realistically hope for in times like those we are currently living in. For that reason alone, this work makes a good departure point for discussion among those who are still interested in the potential of the unfinished and much-disgraced, socialist project.