The New Palgrave Dictionary of Economics

2018 Edition
| Editors: Macmillan Publishers Ltd


  • Alec Nove
Reference work entry


A society may be defined as socialist if the major part of the means of production of goods and services is in some sense socially owned and operated, by state, socialized or cooperative enterprises. The practical issues of socialism comprise the relationships between management and workforce within the enterprise, the interrelationships between production units (Plan versus markets), and, if the state owns and operates any part of the economy, who controls it and how. ‘Feasible socialism’ would take the form of a mixed economy, with enterprises large and small, many if not most self-managed or cooperative, and some privately owned.


Alienation Capitalism Chicago school Class Class struggle Collectivization Communism Division of labour Economic calculation Economic development Engels, F. Entrepreneurship Exploitation Fabian society Inequality Labour theory of value Lenin, V. Mao Tse-Tung Marx, K. Marxian value analysis Methodological individualism Monopoly capitalism Perfect competition Perfect foresight Proletariat Rate of profit Self-management Social democracy Socialism Unemployment Use value 

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Authors and Affiliations

  • Alec Nove
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