Kathmandu— In an era marked by skepticism towards utopian visions, economic historian and social theorist Aaron Benanav has proposed a detailed plan for transcending capitalism. Drawing lessons from 20th-century experiments and contemporary debates surrounding Modern Monetary Theory, Benanav advocates for a “multidimensional economy” characterized by coordinated investment, democratic planning, and the use of multiple currencies to prioritize values beyond profit maximization. The proposal, developed through his work with the Endnotes collective, seeks to address shortcomings in both traditional Marxist thought and current approaches to economic reform, offering a framework for a more adaptable and ethically-driven future.

Reclaiming Future Planning

Since the 1970s, Benanav argues, the Left has largely focused on defending existing gains rather than envisioning alternatives to capitalism. The failures of Soviet-era planning and subsequent stagnation led to a reluctance to articulate concrete plans for a post-capitalist society. However, he believes that the resurgence of social movements in the 2010s created an opportunity to revisit this crucial task, pushing him to critically examine past attempts at economic transformation. “The Left had not adequately reckoned with the failures of the twentieth century, and that failure was blocking a genuine renewal,” Benanav stated.

Learning from Past Experiments

Benanav highlights the Soviet five-year plans as an important institutional discovery—a method for coordinating investment and aligning economic sectors towards common goals. While acknowledging the inefficiencies of centralized planning in the Soviet Union, he argues that the core concept of coordinated investment remains valuable. He suggests combining this approach with market exchange, drawing inspiration from the successes of Japan, South Korea, Taiwan, and China in separating coordinated investment from total planning. This would involve using tools like a “digital data matrix” – now reframed as a ‘common ledger’—to provide real-time economic information while leaving decision-making power decentralized.

Values Beyond Monetary Gain

A central tenet of Benanav's proposal is the shift from an economy driven by profit to one guided by multiple ethical and political values. He envisions a system where sustainability, material security, care, work quality, community, and individual autonomy directly shape production decisions. This requires moving beyond a singular measure of value—monetary gain—and embracing a plurality of objectives. Influenced by the work of Otto Neurath, Benanav emphasizes that economic judgment cannot be replaced by calculation; societal choices must reflect ongoing democratic deliberation about competing values.

Rethinking Markets and Currency

Rejecting the traditional Marxist dismissal of markets, Benanav argues for their continued role in a post-capitalist economy. However, he proposes a system with two distinct currencies: one for production and another for consumption. This split would prevent the accumulation of wealth and ensure that ethical considerations are prioritized over profit maximization. Unlike Modern Monetary Theory (MMT), which focuses on using government spending to achieve full employment within a capitalist framework, Benanav advocates for complete public control of investment, freeing it from the constraints of private profitability.

Benanav’s plan represents an ambitious attempt to move beyond abstract critiques of capitalism and offer a concrete vision for its transcendence. The proposal calls for a fundamental restructuring of economic institutions, prioritizing democratic control, ethical values, and sustainable development.

(With inputs from Jacobin)

Originally published on abcnews.com.np.