Market Economy and Socialism

Makoto Itoh
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Makoto Itoh: University of Tokyo

Chapter 4 in Political Economy for Socialism, 1995, pp 83-139 from Palgrave Macmillan

Abstract: Abstract After the fall of Soviet central planning, the transition to a market economy has been regarded as the main alternative strategy for the economic restructuring of those societies. China is also restructuring its economy toward a socialist market economy, though politically the Chinese Communist Party still holds power. Does this restructuring of socialist economies mean that, after all, it is impossible for a socialist planned economy to exist without relying on a market? Can a socialist economy form a rational and dynamic economic system which would replace and surpass the market economy? The issue of how to understand the relationship between the market and socialism, has reappeared as a crucial theoretical problem for the future of socialism.

Keywords: Market Economy; Socialist Economy; Socialist Country; Market Socialism; Socialist Society (search for similar items in EconPapers)
Date: 1995
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-24018-0_4

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DOI: 10.1007/978-1-349-24018-0_4

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