A socialist justification of the market

Man-kong Li

Review of Social Economy, 2021, vol. 79, issue 3, 419-438

Abstract: A wide use of markets is indispensable for a viable socialist economy. Yet, many considered market socialism a normatively compromised form of socialism. Some argue that the use of markets can only be justified by non-socialist values. This article argues that a wide use of markets in the spheres of commodities and finance can be justified by principled socialist reasons. It first recasts the central ideal of socialism as to promote people’s self-realization in productive work. Then it argues that people should freely produce for others’ genuine needs in order to satisfy this ideal. It is then shown that an egalitarian market economy, where citizens have relatively equal income and where extensive provision of public goods that contribute to developing people’s capability is available, better provides for people’s diverse and changing needs than a central-planning economy. Thus, it concludes, there is a socialist justification of the market.

Date: 2021
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DOI: 10.1080/00346764.2021.1887507

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