Georgi Petrov and the Theoretical Foundations of the Market Socialist Economy in Bulgaria. Part One: Market, Profit, and Pricing

Nikolay Nenovsky () and Tsvetelina Marinova

Economic Thought journal, 2026, issue 1, 22-52

Abstract: This article examines the main themes and ideas behind the intellectual project of Georgi Petrov, which constitutes a coherent and well-argued justification of the need for a decentralized economy. Among the central topics discussed are the transition from directive planning to the use of economic levers, the establishment of a new basis for price formation, the granting of full autonomy to enterprises, and their integration into market mechanisms based on competition and profit incentives. The article also presents his views on forms of ownership and on the overall model of democratic socialism. His 1969 book Commodity Relations and Price Formation under Socialism stands out as one of the most significant Marxist theoretical arguments in support of the market economy model in Eastern Europe during that period. The present study will be separated into two parts, published in two consecutive issues of the journal.

JEL-codes: B31 E30 N1 P2 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econth:y:2026:i:1:p:22-52

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