The Future of the Market

In this book, Elmar Altvater, one of Germany’s leading radical economists, considers the discordant state of the capitalist world today, drawing on both green and socialist economics.

The end of ‘actually existing socialism’ has been widely hailed as confirmation of the supremacy of market forces. Yet both the post-Communist societies of the East and large parts of the South face a protracted crisis to which the apparently victorious West offers no solution. Against this background, Altvater explains why Soviet planning ended in failure, having reproduced many negative features of the Western model without being able to sustain a global challenge to it.

Altvater examines the claims currently made for the market, both in the history of capitalism and in the globalized market economy today. Has a free market ever existed, in the sense of imposing itself on the will of political actors? Can the free market ever lead the debt-ridden societies of Africa or Latin America out of mass poverty? Can the world crisis of civilization, in all its dimensions, be overcome by relying on market models of production and consumption? These questions are addressed in the context of an economic theory that puts human needs and capacities, and a sustainable model of development, at the center of analysis.