„To be desirable, it would feature markets for goods and services since the alternative – a Soviet-type rationing system that vests arbitrary power in the ugliest of bureaucrats – is too dreary for words. But to be crisis-proof, there is one market that market socialism cannot afford to feature: The labour market. Why? Because, once labour time has a rental price, the market mechanism inexorably pushes it down while commodifying every aspect of work (and, in the Age of Facebook, of our leisure even). The greater the system’s success in doing this, the less the exchange value of each unit of output it generates, the lower the average profit rate and, ultimately, the nearer the next systemic crisis.
Can an advanced economy function without labour markets? Of course it can. Consider the principle of one-employee-one-share-one-vote underpinning a system that, in Another Now, is known as corpo-syndicalism. Amending corporate law so as to turn every employee into an equal (though not equally remunerated) partner is as unimaginably radical today as universal suffrage used to be in the 19th Century. Indeed, its effect on the future economy promises to be more radical than the effect of granting all adults a vote was a century ago.“