Tony Smith is Emeritus Professor of Philosophy and Political Science at Iowa State University. His most recent books are Globalisation: A Systematic Marxian Account and Beyond Liberal Egalitarianism: Marx and Normative Social Theory in the Twenty-First Century.

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• PrefaceList of Figures1 Introduction1 Nine Claims2 Summary of the Book2 Capitalism (and Capital)1 The ‘Standard View’2 Capital: A Macro-monetary Totality3 The Case against Capitalism: Essential Determinations and Systematic Tendencies4 Conclusion3 The Present Moment of World History1 Technological Change and Valorisation in Contemporary Capitalism2 From a ‘Golden Age’ to a Global Slump3 Neoliberalism4 Conclusion4 A Socialist Constitution1 Marx’s Ruling Principle2 ‘Free Development’ (1): Self-Governance without Domination3 ‘Free Development’ (2): The Freedom of Particular Social Individuals4 ‘Full Development’: Universal and Particular Needs5 Two Solidarity Constraints6 Further Principles7 Conclusion5 The Local Level (1): The Democratic Determination of Social Needs and Production Proposals1 The Social Determination of Social Needs2 Two Notes3 The Investment Requests of Production Collectives4 The Estimation of Costs5 Retained Earnings and Market Socialism6 Conclusion6 The Local Level (2): Social Investment, Social Production, and Social Exchange1 The Allocation of Social Investment2 The Process of Production3 The Acquisition of Consumption Goods4 Conclusion7 The Role of ‘Money’ in Socialist Accounting1 Some Questions2 A Note on Money in Capitalism3 Some Relevant Determinations of the Socialist Alternative4 Conclusion8 Regional Networks of Production and Exchange1 Some general remarks on regional production2 Regional production for social needs and the solidarity constraints3 Regional production networks and the coordination of social investments4 The regional innovation system5 Conclusion9 Socialism on the National and International Levels1 The transition to the national and international levels2 Production for social needs on the national and international levels3 The Social Transaction Centre4 A note on the implications of the first solidarity constraint on the international level5 National and international Democratic Assemblies6 National and international Agencies7 The national and international innovation systems8 The fraught relationship with the remnants of capitalism9 Conclusion10 Incentives and Efficiency in the Socialist Model1 Incentive objections2 Efficiency objections3 Conclusion11 Socialism and the ‘Realm of freedom’1 The realm of freedom in capitalism and socialism: some contrasts2 Commons-based peer production in contemporary capitalism3 The realm of necessity and the realm of freedom: a dialectical unity-in-difference4 An emancipatory promise fulfilled: commons-based peer production and the socialist project5 Conclusion12 Conclusion1 Why socialism is needed2 The republican socialist model: a summary3 How do we get there from here?AppendixBibliographyIndex