Economics and Utopia: Why the Learning Economy is Not the End of History (Economics as Social Theory)

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Since the fall of the Berlin Wall we have been told that no alternative to Western capitalism is possible or desirable. This book challenges this view with two arguments. First, the above premise ignores the enormous variety within capitalism itself. Second, there are enormous forces of transformation within contemporary capitalisms, associated with moves towards a more knowledge-intensive economy. These forces challenge the traditional bases of contract and employment, and could lead to a quite different socio-economic system. Without proposing a static blueprint, this book explores this possible scenario.

Economics and Utopia: Why the Learning Economy is Not the End of History (Economics as Social Theory) Review

Once again, Hodgson asks us to think BOLDLY and with confidence about our post cold-war economic future. The book does not romanticize in the least; rather it deepens the challenge he laid at the feet of academic orthodoxy and policy elites in western democracies in "Economics and Evolution". His view of the relation of scientific and technological knowledge and the possibilites they hold for transforming microeconomic transactions both within and between firms and his call for a dynamic reconfiguration of property rights so as to allocate resources in an ecologically sustainable and democratically humane manner, lay down a huge gauntlet for those who wish to maintain the status quo. Indeed he challenges us all to "to develop the capacity to unlearn, and learn anew" and see this process as the key to changing our core economic assumptions to embrace the evolutionary world we all inhabit. Capitalism is not the end of history, Hodgson says, and our persistent positing of socialism as it's "opposite" has outlived it's usefulnesss and blinds us to forms of economic organization which are more democratic, egalitarian and sustainable than either have ever been.

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