The need for central planning
Is there room for more central planning in a free market economy?
Debunking Economics - the podcast · Steve Keen & Phil Dobbie
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Show Notes
In one of his many walks around his neighbourhood Phil has been listening to a book, The People's Republic of Walmart, by Leigh Phillips & Michal Rozworski. Basically, a contrarian economist and a journalist teaming up together. Could such a combination ever really work?
The book highlights how part of Walmart’s success story was its meticulous central planning, in contrast to Sears, a business decimated by an adherence to a market based internal structure. 30 internal division competed for resources, including shelf space.
Clearly, Walmart’s focus on delivery helped it succeed. So, shouldn’t the same approach be used in the broader economy? When should we choose planning over open market competition?
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