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Another form of market socialism was promoted by critics of central planning and neoclassical general equilibrium theory, the most notable economists being Alec Nove and Janos Kornai. In particular, Alec Nove proposed what he called feasible socialism, a mixed economy consisting of state-run enterprises, autonomous publicly owned firms, cooperatives, and small-scale private enterprise operating in an economy consisting of both markets and indirect macroeconomic planning.[27] Implementation The economy of the former Socialist Federal Republic of Yugoslavia is widely considered to be a model of market-based socialism. The Mondragon Cooperative Corporation in the Basque Country is widely cited as a highly successful co-operative enterprise based on worker-ownership and democratic management. Peter Drucker described the U.S. system of regulated pension funds providing capital to financial markets as "pension fund socialism".[28] William H. Simon characterized pension fund socialism as "a form of market socialism", concluding that it was promising but perhaps with prospects more limited than those envisioned by its enthusiasts.[29] Similar policies to the market socialist proposal of a social dividend and basic income scheme have been implemented on the basis of public ownership of natural resources in Alaska (Alaska Permanent Fund) and in Norway (The Government Pension Fund of Norway). Relation to political ideologies Marxism-Leninism Part of a series on Marxism–Leninism Karl Marx, Friedrich Engels, Vladimir Lenin Core tenets[show] Variants[show] People[show] Literature[show] History[show] Related topics[show] Communism portal Socialism portal Politics portal v t e The phrase "market socialism" has occasionally been used in reference to any attempt by a Soviet-type planned economy to introduce market elements into its economic system. In this sense, "market socialism" was first attempted during the 1920s in the Soviet Union as the New Economic Policy (NEP) before being abandoned. Later, elements of "market socialism" were introduced in Hungary (where it was nicknamed "goulash communism"), Czechoslovakia and Yugoslavia (see Titoism) in the 1970s and 1980s. The Economy of Belarus has been described as a "market socialist" system. The Soviet Union attempted to introduce a market system with its perestroika reforms under Mikhail Gorbachev. During the later stages there was talk within top circles that the USSR should move toward a market-based socialist system. Historically, these kinds of "market socialist" systems attempt to retain state ownership of the commanding heights of the economy, such as heavy industry, energy, and infrastructure, while introducing decentralised decision making and giving local managers more freedom to make decisions and respond to market demands. Market socialist systems also allow private ownership and entrepreneurship in the service and other secondary economic sectors. The market is allowed to determine prices for consumer goods and agricultural products, and farmers are allowed to sell all or some of their products on the open market and keep some or all of the profit as an incentive to increase and improve production. Socialism with Chinese Characteristics Main articles: Socialism with Chinese characteristics and Socialist market economy Although similar in name, market socialism differs markedly from the "socialist market economy" and "Socialist-oriented market economy" models practiced in the contemporary People's Republic of China and Socialist Republic of Vietnam, respectively. Officially these economic systems represent market economies that are in the long-term process of transition toward socialism.[30] Key differences between models of market socialism and the Chinese and Vietnamese models include the role of private investment in enterprises, the lack of a social dividend or basic income system to equitably distribute state profits among the population, and the existence and role of financial markets in the Chinese model - markets which are absent in the market socialist literature.[9] The Chinese experience with socialism with Chinese characteristics is frequently referred to as a "socialist market economy" where the "commanding heights" are state-owned, but a substantial portion of both the state and private sectors of economy are governed by free market practices, including a stock exchange for trading equity, and the utilization of indirect macroeconomic market mechanisms (i.e.: fiscal, monetary and Industrial policies) to influence the economy in the same manner governments affect the economy in capitalist economies. The free-market is the arbitrator for most economic activity, with economic planning being relegated to macro-economic government indicative planning that does not encompass the microeconomic decision-making that is left to the individual organizations and state-owned enterprises. This model includes a significant amount of privately owned firms that operate as a business for profit, but only for consumer goods and services.[31] In the Chinese system, directive planning based on mandatory output requirements and quotas were displaced by free-market mechanisms for most of the economy, including both the state and private sectors, although the government engages in indicative planning for large state enterprises.[31] In comparison with the Soviet-type planned economy, the Chinese socialist market model is based on the corporatization of state institutions, transforming them into joint-stock companies. As of 2008, there were 150 state-owned corporations directly under the central government.[32] These state-owned corporations have been reformed and become increasingly dynamic and a major source of revenue for the state in 2008,[33][34] leading the economic recovery in 2009 during the wake of the global financial crises.[35] This economic model is defended from a Marxist perspective, which states that a planned socialist economy can only emerge after first developing the basis for socialism through the establishment of a market economy and commodity-exchange economy, and that socialism will only emerge after this stage has exhausted its historical necessity and gradually transforms itself into socialism.[36] Proponents of this model argue that the economic system of the former USSR and its satellite states attempted to go from a natural economy to a planned economy by decree, without passing through the necessary market economy phase of development.[37] Anarchism Main articles: Mutualism (economic theory) and Left-wing market anarchism Portrait of philosopher Pierre-Joseph Proudhon (1809–1865) by Gustave Courbet. Proudhon was the primary proponent of anarchist mutualism, and influenced many later individualist anarchist and social anarchist thinkers. The French philosopher Pierre Joseph Proudhon is the first person to call himself an "anarchist", and considered among its most influential theorists. He is considered by many to be the "father of anarchism".[38] He became a member of the French Parliament after the revolution of 1848, whereon he referred to himself as a "federalist".[39] His best-known assertion is that Property is Theft!, contained in his first major work, What is Property? Or, an Inquiry into the Principle of Right and Government (Qu'est-ce que la propriété? Recherche sur le principe du droit et du gouvernement), published in 1840. The book's publication attracted the attention of the French authorities. It also attracted the scrutiny of Karl Marx, who started a correspondence with its author. The two influenced each other: they met in Paris while Marx was exiled there. Their friendship finally ended when Marx responded to Proudhon's The System of Economic Contradictions, or The Philosophy of Poverty with the provocatively titled The Poverty of Philosophy. The dispute became one of the sources of the split between the anarchist and Marxian wings of the International Working Men's Association. Mutualism is an economic theory and anarchist school of thought that advocates a society where each person might possess a means of production, either individually or collectively, with trade representing equivalent amounts of labor in the free market.[40] Integral to the scheme was the establishment of a mutual-credit bank that would lend to producers at a minimal interest rate, just high enough to cover administration.[41] Mutualism is based on a labor theory of value that holds that when labor or its product is sold, in exchange, it ought to receive goods or services embodying "the amount of labor necessary to produce an article of exactly similar and equal utility".[42] Mutualism originated from the writings of philosopher Pierre-Joseph Proudhon. Mutualists oppose the idea of individuals receiving an income through loans, investments, and rent, as they believe these individuals are not laboring. Though Proudhon opposed this type of income, he expressed that he had never intended "...to forbid or suppress, by sovereign decree, ground rent and interest on capital. I think that all these manifestations of human activity should remain free and voluntary for all: I ask for them no modifications, restrictions or suppressions, other than those which result naturally and of necessity from the universalization of the principle of reciprocity which I propose."[43] Insofar as they ensure the worker's right to the full product of their labor, mutualists support markets (or artificial markets) and property in the product of labor. However, they argue for conditional titles to land, whose ownership is legitimate only so long as it remains in use or occupation (which Proudhon called "possession");[44] thus advocating personal property, but not private property. Left-wing market anarchism, a form of left-libertarianism and individualist anarchism[45] is associated with scholars such as Kevin Carson,[46][47] Roderick T. Long,[48][49] Charles Johnson,[50] Brad Spangler,[51] Samuel Edward Konkin III,[52] Sheldon Richman,[53][54][55] Chris Matthew Sciabarra,[56] and Gary Chartier,[57] who stress the value of radically free markets, termed freed markets to distinguish them from the common conception which these libertarians believe to be riddled with statist and capitalist privileges.[58] Referred to as left-wing market anarchists[59] or market-oriented left-libertarians,[55] proponents of this approach strongly affirm the classical liberal ideas of self-ownership and free markets, while maintaining that, taken to their logical conclusions, these ideas support anti-capitalist,[60][61][62] anti-corporatist, anti-hierarchical, pro-labor positions in economics; anti-imperialism in foreign policy; and thoroughly liberal or radical views regarding such cultural issues as gender, sexuality, and race. The genealogy of contemporary market-oriented left-libertarianism—sometimes labeled "left-wing market anarchism"[63]—overlaps to a significant degree with that of Steiner–Vallentyne left-libertarianism as the roots of that tradition are sketched in the book The Origins of Left-Libertarianism.[64] Carson–Long-style left-libertarianism is rooted in 19th-century mutualism and in the work of figures such as Thomas Hodgskin and the individualist anarchists Benjamin Tucker and Lysander Spooner. While, with notable exceptions, market-oriented libertarians after Tucker tended to ally with the political right, relationships between such libertarians and the New Left thrived in the 1960s, laying the groundwork for modern left-wing market anarchism.[65] Left wing market anarchism identifies with Left-libertarianism (or left-wing libertarianism)[66] which names several related but distinct approaches to politics, society, culture, and political and social theory, which stress both individual freedom and social justice. Unlike right-libertarians, they believe that neither claiming nor mixing one's labor with natural resources is enough to generate full private property rights,[67][68] and maintain that natural resources (land, oil, gold, trees) ought to be held in some egalitarian manner, either unowned or owned collectively.[68] Those left-libertarians who support private property do so under the condition that recompense is offered to the local community. |
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