Abstract
market Socialism (MS for short) as a conceptual category signifies an economic system where (at least) the principal means of production are owned either by the State or by some form of collectivity—like for example self-managed workers’ cooperatives—and where the allocation of goods and resources for productive and individual (personal) consumption follows the market rule by operating basically through the price-wage system. As a theoretical category, MS arose in the interwar period but had a new lease of life after the Second World War. This was accentuated within a section of the left academics after the collapse of the Party-State regimes in Russia and Eastern Europe and the apparent victory of “neo-liberalism” across the globe. Considered as a viable alternative to Capitalism, MS would combine—so it is thought—economic efficiency with democracy and equity while avoiding an authoritarian command economy with administrative allocation of goods and resources. For the purpose of this chapter, we will be exclusively concerned with MS as a theoretical category and leave aside various practical measures of Market Socialism that were adopted in Eastern Europe and Russia, and later, in China and Vietnam in view of what was perceived as economic inefficiency of the administrative command economy.1
References
Adaman, F., & Devine, P. (1997). On the economic theory of market socialism. New Left Review, 22, 54–80.
Bardhan, P., & Roemer, J. E. (1994). Market socialism: A case for rejuvenation. In J. Roemer (Ed.), Foundation of analytical Marxism. Vermont: Edward Elgar.
Barone, E. (1935). Ministry of production in a collectivist state. In F. Hayek (Ed.), Collectivist economic planning. London: George Routledge.
Bergson, A. (1948). Socialist economics. In H. Ellis (Ed.), A survey of contemporary economics (Vol. 1). Illinois: Homewood.
Bergson, A. (1967). Market socialism revisited. Journal of Political Economy, 75(October), 657–673.
Blaug, M. (1996). Economic theory in retrospect. Cambridge: CUP.
Brus, W. (1987). Market socialism. In J. Eatwall, M. Milgate, & P. Newman (Eds.), Palgrave: A dictionary of economics. London: Macmillan.
Brus, W., & Laski, K. (1989). From Marx to market. Oxford: Clarendon.
Dickinson, H. (1933). Price formation in a socialist community. Economic Journal, 43(June), 237–251.
Dobb, M. (1965). On economic theory and socialism. London: Routledge and Kegan Paul.
Hayek, F. (1935). Collectivist economic planning. London: George Routledge.
Hayek, F. (1937). Economics and knowledge. Economica, 4, 33–54.
Hayek, F. (1945). The use of knowledge in society. American Economic Review, 35(September), 519–530.
Horvat, B. (1982). Political economy of socialism: A Marxist social theory. New York: M.E. Sharpe.
Howard, M. W. (2000). Self-management and the crisis of socialism: The rose in the fist of the present. Studies in social, political, and legal philosophy. New York: Rowman & Littlefield.
Ito, M. (1996). Money and credit in socialist economics: A reconsideration. Capital and Class, (Autumn): 95–118.
Keizer, W. (1989). Recent reinterpretations of the socialist calculation debate. Economic Studies, 16(1), 63–83.
Kornai, J. (1986). The Hungarian reform process: Vision, hopes, and reality. Journal of Economic Literature, 24, 1687–1737.
Kowalik, T. (1993). Economic theory and market socialism: Selected essays of Oskar Lange. Cheltenham: Edward Elgar.
Lange, O., & Taylor, F. (1938). On the economic theory of socialism. Minneapolis: University of Minnesota Press.
Lavoie, D. (1985). Rivalry and central planning: The socialist calculation debate reconsidered. Cambridge: CUP.
Marx, K. (1953). Grundrisse Der Kritik Der Politischen Okonomie (Rohentwurf). Berlin: Dietz.
Marx, K. (1962a). Das Kapital (Vol. 1). Berlin: Dietz.
Marx, K. (1962c). Theorien Über Den Mehrwert. (1861–63) (Vol. 3). Berlin: Dietz.
Marx, K. (1964c). Statuts Généraux de L’Association Internationale Des Travilleurs—The General Council of the First International: Minutes. Moscow: Progress Publishers.
Marx, K. (1965d). Le capital. In Karl Marx. Oeuvres: Économie (Vol. 1). Paris: Gallimard.
Marx, K. (1965f). Résolutions Du Premier Congrès de l’A.I.T. In Karl Marx. Oeuvres: Économie (Vol. 1). Paris: Gallimard.
Marx, K. (1970a). A contribution to the critique of political economy. New York: International Publishers.
Marx, K. (1970c). Wage, labour and capital. In Karl Marx and Friedrich Engels selected works. Moscow: Progress
Marx, K. (1971). Theories of surplus value (part 3). Moscow: Progress.
Marx, K. (1976d). Zur Kritik Der Politischen Ökonomie (Manuskript 1861–1863). MEGA2 II/3, Part 1. Berlin: Dietz.
Marx, K. (1980a). Ökonomische Manuskripte Und Schriften (1858–1861). MEGA2 II/2. Berlin: Dietz.
Marx, K. (1982). Zur Kritik Der Politischen Ökonomische (Manuskript 1861–1863). MEGA2 II/3, Part 6. Berlin: Dietz.
Marx, K. (1988a). Economic works 1861–1863. MECW 30. New York: International Publishers.
Marx, K. (1988b). Ökonomische Manuskripte (1863–1867). MEGA2 II/4. Berlin: Dietz.
Marx, K. (1992). Ökonomie Manuskripte (1863–1867). MEGA2 II/4, Part 2. Berlin: Dietz.
Marx, K. (1993). Grundrisse: Foundation of the critique of political economy. London: Penguin.
Marx, K. (1996). Capital, volume I. MECW 35. New York: International Publishers.
Marx, K. (1998b). Capital, volume III. MECW 37. New York: International Publishers.
Marx, K., & Engels, F. (1971). On the Paris commune. Moscow: Progress.
Nove, A. (1983). The economics of feasible socialism. London: Allen and Unwin.
Pareto, V. (1964). Cours d’Economie Politique. Geneva: Librairie Droz.
Pareto, V. (1966). Manuel d’Economie Politique. Geneva: Droz.
Robbins, L. (1934). The great depression. London: Macmillan.
Roemer, J. (1992). Can there be socialism after communism? Politics and Society, 20(3), 26–76.
Roemer, J. (1994). A future for socialism. Politics and Society, 22(4), 451–478.
Schumpeter, J. (1950). Capitalism, socialism and democracy. New York: Harper and Row Publishers.
Schweickart, D. (1992). Socialism, democracy, market, planning. Review of Radical Political Economics, (Fall and Winter), 29–45.
Schweickart, D. (1993). Against capitalism. Cambridge: CUP.
Schweickart, D. (1998). Market socialism: A defence. In B. Ollman (Ed.), Market socialism: A debate among socialists. New York: Routledge.
Schweickart, D. (2002). After capitalism. New York: Bowman and Littlefield.
Shand, A. H. (1984). The capitalist alternative: An introduction to neo-Austrian economics. New York: New York University Press.
Steele, D. R. (1992). From Marx to Mises: Post capitalist society and the challenge of economic calculation. La Salle: Open Court.
Sweezy, P. M. (1949). Socialism. New York: Mcgrew-Hill.
von Mises, L. (1935). Economic calculation in the socialist commonwealth. In F. Hayek (Ed.), Collectivist economic planning. London: George Routledge.
von Mises, L. (1936). Socialism. New York: Macmillan.
Author information
Authors and Affiliations
Copyright information
© 2016 The Author(s)
About this chapter
Cite this chapter
Chattopadhyay, P. (2016). On Market Socialism. In: Marx's Associated Mode of Production. Marx, Engels, and Marxisms. Palgrave Macmillan, New York. https://doi.org/10.1057/978-1-137-57535-7_9
Download citation
DOI: https://doi.org/10.1057/978-1-137-57535-7_9
Published:
Publisher Name: Palgrave Macmillan, New York
Print ISBN: 978-1-137-57971-3
Online ISBN: 978-1-137-57535-7
eBook Packages: Political Science and International StudiesPolitical Science and International Studies (R0)