The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd

Socialist Economies

  • Deborah Duff Milenkovitch
  • Andrew Zimbalist
Reference work entry


One way to introduce the theoretical arguments made for socialism by economists is to consider the weaknesses of market systems. In theory, socialism offers the potential to overcome these deficiencies of market capitalism. In practice, these problems have been attenuated but not overcome and many new problems have been created by socialist economies. The effort to confront these problems has led to the development of new socialist models, hybridization of these models in practice, and ongoing attempts at piecemeal reforms in the socialist countries.

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Copyright information

© Macmillan Publishers Ltd. 2018

Authors and Affiliations

  • Deborah Duff Milenkovitch
    • 1
  • Andrew Zimbalist
    • 1
  1. 1.