Market Socialism

Paper Summary:

This paper looks at market socialism - a theory that advocated an amalgamation of capitalism (specifically the free market) and socialism. It discusses when and why market socialism came into being and how it fits in with Marxist ideas about the market. It also examines the effect of the collapse of socialism in Eastern Europe and in particular, where Yugoslavia fits into socialist theory.

From the Paper:

"The critique of real existing socialism resulted in some socialists adapting existing theories (e.g. market socialists) while other academics saw the failure of state socialism as an indication that socialism was finished: 'It is the failure of both the political right and the left to disentangle the concepts of private ownership and the competitive market that has led to the premature obituaries for socialism.' 'A reasonable person might expect that recent events in eastern Europe would put this proposal [market socialism] to permanent and well-deserved rest.' With the failure of Soviet style socialism, market socialists saw an opportunity to improve on Marxism by incorporating the market into socialist theory. "

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• Essay # 32766 : "Socialism and Capitalism in Cuba"

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