Market Socialism

Paper Summary:

The paper explains that market socialism is a market-driven economic system that abolishes private ownership, places the control of business enterprises in the hands of workers and allows everyone to share and benefit from the profits. The paper argues that market socialism is feasible as an economic system and can compete successfully with market capitalism.

Outline:
Introduction
From Socialism to Market Socialism
Addressing the Deficiencies of Socialism
Models of Market Socialism
Discussion

From the Paper:

"When Soviet-style communism fell, socialists had to reinvent themselves in order to survive. What emerged in response to their need for survival was market socialism, an economic system designed to combat the evils of capitalism and correct the deficiencies of the old socialism that failed. Market socialism is an economic and political system that "combines the principles of social ownership...with the continuing allocation of commodities (including labor) through the mechanism of markets" (Pierson, 1995, p. 84). Because market socialism is anti-capitalist and views capitalism as obsolete, the system seeks to eventually replace capitalism while at the same time it replaces old-style classical socialism, which relied on central planning. The system claims to preserve the best that capitalism offers, while it overcomes capitalism's worst evils (Kornai, 1993)."

Sample of Sources Used:

• Kornai, J. (1993). Market socialism revisited. In Market socialism. Eds. Bordman & Roemer. New York: Oxford Press, 42-68.
• Lawler, J. (1998). Marx as market socialist. In Market socialism: The debate among socialists. Ed. David Schweideart. New York: Routledge, 23-52.
• Ollman, B. (2001). On "Market Socialism": A reply to Professor Kang Ouyang. Socialism and Democracy, 15 (2), 105-111.
• Pierson, C. (1995). A model of market socialism. In Socialism after communism: The new market socialism. Pittsburgh: Pennsylvania State University Press, 79-107.
• Pierson, C. (1995). Feasible socialism? In Socialism after communism. Pittsburgh: Pennsylvania State University Press, 189-211.

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