Tehon
Gold Member
- Jun 19, 2015
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Yes, socialism would eliminate the existence of private fortunes. And there would be no one to be indebted to. Capital would be no more.Using labor credits as a medium of exchange seems similar in some ways to the notion debt and credit appeared historically before money?We would use labor credits as a medium of exchange in a socialist economy first before we would transition into a moneyless communist society.I have to agree with you that any advanced economy that could function without money is hard to imagine, but there are many things I can't imagine that will possibly become reality one day.And advanced industrial economy without money is as unthinkable is an honest politician.
Debt: The First 5000 Years - Wikipedia
"Debt: The First 5,000 Years is a book by anthropologist David Graeber published in 2011...."
"The author claims that debt and credit historically appeared before money, which itself appeared before barter. This is the opposite of the narrative given in standard economics texts dating back to Adam Smith.
"To support this, he cites numerous historical, ethnographic and archaeological studies. He also claims that the standard economics texts cite no evidence for suggesting that barter came before money, credit and debt, and he has seen no credible reports suggesting such.
"The primary theme of the book is that excessive popular indebtedness has sometimes led to unrest, insurrection, and revolt.
"He argues that credit systems originally developed as means of account long before the advent of coinage, which appeared around 600 BC.
"Credit can still be seen operating in non-monetary economies.
"Barter, on the other hand, seems primarily to have been used for limited exchanges between different societies that had infrequent contact and often were in a context of ritualized warfare."
I'm assuming the transition into a moneyless communist society would eliminate the existence of private fortunes and ritualized warfare?
Capital would still be the there. It would just be controlled by government instead of the people.
Why would there be capital if we call it socialism?Mkay - so if socialism is just capitalism only spelled different, why do we need two words? Why does anything need to change?