The "Middle Way" of John R. Commons: Pursuing Reasonable Value in the Age of Unreason. Issue 4 (1st October 2020)

• Record Type: Journal Article
• Authors: Whalen, Charles J.
• Is Part Of: Journal of economic issues. Volume 54:Issue 4(2020)
• Page Start: 1161
• Page End: 1173
• Publication Date: 2020-10-01
• Subjects: reasonable value -- middle way -- judicial sovereignty -- collective democracy -- John R. Commons; B31 -- B52 -- K10 -- P16; Economics -- Periodicals; Economics; Économie politique -- Périodiques; Economie; ECONOMICS; ECONOMIC POLICY; Periodicals; 330.05
• DOI: 10.1080/00213624.2020.1835130
• Languages: English
• ISSNs: 0021-3624

Abstract

Abstract: John R. Commons sought to orient the U.S. economy in the direction of reasonable value as a way to "save capitalism by making it good." In particular, he offered two paths to that "middle way" between the socio‐political extremes of fascism and communism: judicial sovereignty and collective democracy. This policy note considers a variety of present‐day challenges to pursuit of those paths; some possible ways forward are also suggested.