Scott reviews 'A Future for Socialism', finding its economic proposals underwhelming but valuable for its insights on corporate governance and principal-agent problems.
Longer summary
Scott Alexander reviews John Roemer's book 'A Future for Socialism', which proposes a system where everyone owns an equal share of nationalized industries through non-transferable stock coupons. The book argues this would align incentives and solve public goods problems. Scott finds the basic income aspect underwhelming and questions some assumptions, but appreciates Roemer's clear thinking on capitalism's strengths. The review highlights how joint-stock corporations effectively solve principal-agent problems, which Scott finds to be the book's most valuable insight.
Shorter summary