The question of Venezuela and that of capitalism’s status in general are obviously related. Amazon search: Socialist Economics produces the whole dreary list of books on the subject, pro and con.
Much of the Hayek/Mises counterargument seems off the mark now: with capitalism we are probably dead, so the argument by economic efficiency falls out of kilter. Who cares? If necessary an inefficient system that provides the basics will have to do. Our descendants will not forgive us this new ‘bad karma’ economy given the number of exit points we had and refused. We know that Exxon/Mobil ‘knew all along’, etc…an economics of criminal enterprises.
So the ghosts of Hayek/Mises now compete with that of the socialist Hamlets.
In fact, with a new set of perspectives and the potential of new technology all sorts of viable systems of postcapitalism are surely possible.
Let me remind the Hayekian/Mises faithful that simplistic capitalist logic has produced an ideological fixation that has produced a mule so stupid ‘it’ can’t grasp simple climate change, and this has captured the politics of the world’s mightiest economy. We have lost forty years here and the to me fearful argument that Stalinist economics should not have been dismantled by Gorbachev is another ghost on the loose. Russians themselves are now nostalgic over Stalin (??!).
I don’t approve, and in fact the caesura will force the issue of doing socialism right, and it will also force the issue of ‘how the blazes’ we deal with a ‘communist’ China now an economic province of the US. China could, of course, lead the way to a postcapitalist order, but that is unlikely, and maybe impossible.
The starting point here is the realization that while socialist arguments (the ‘calculation debates’, etc…) has been ‘debunked’ the core marginalist theories of neo-classical economics are easily shown to be pseudo-science. So, capitalists have no reigning theory that justifies their market system. To judge by experience it all seems to work, all that calculus, and then it seems to be a rank failure. Its failure is now increasingly obviously fraud in motion. So we start from there.
Again, we should note that capitalism is wrecking a planet. We can certainly create the basics of a system that won’t wreck a planet with good old inefficient socialist market planning.