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Market socialism Wikipedia

Market socialism is an economic system in which the means of production are owned by the workers in each company (meaning in general that "profits" in each company are distributed between them: profit sharing) and the production is not planned economy|centrally planned but mediated through the market. Its central idea is that the free market is not a mechanism exclusive to capitalism and that it is fully compatible with collective worker ownership over the means of production — which is one of the fundamental principles of socialism. Proponents of market socialism argue that it combines the supposed economic advantages of a free market with those of socialism. The theory is fundamentally contradictory to (orthodox) Marxism.

Proponents of market socialism include economist John Roemer and philosopher David Schweickart, whose version of market socialism is called "Economic Democracy".

Last Modified:   2005-11-29