A Socialist Solution to Oil Prices and Sanctions

Ask Prof Wolff
11/01/2023 8 min Temporada 2023
A Socialist Solution to Oil Prices and Sanctions

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Episode Synopsis

A Patron of Democracy at Work asks: "Hello Professor Wolff, here in Germany, gas prices are very high due to the sanctions policy with Russia. It is typical of a market economy that the gas that has become scarce is priced higher in order to alleviate the shortage. In this way, the scarce gas is distributed to the rich who can make monetary inquiries. How should allocation of goods (let's say gas/oil to take today's shortage) work in a socialist mode of production?"
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