Routledge Dictionary of Economics, Second Edition
A UK movement of the 1920s and 1930s which emphasized WORKERS’ PARTICIPATION. It was proposed that each industry should be run by its own national guild and that these guilds should be co-ordinated by a supreme council. S.G.Hobson in The National Guilds—An Inquiry into the Wage System and the Way Out (1914) was a leading thinker of the movement, as were G.D.H.Cole and other early members of the Fabian Society.
Guild socialists rejected market systems of allocation in favour of ECONOMIC PLANNING. However, the movement’s lack of policy towards the depression of the 1930s contributed to its demise.
References
Cole, G.D.H. (1972) Self Government in Industry, London: Hutchinson.
Glass, S.T. (1966) The Responsible Society: The Ideas of the English Guild Socialist, London: Longman.
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