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market socialism

Source:
Dictionary of the Social Sciences
Author(s):
Craig CalhounCraig Calhoun

market socialism 

An attempt to reconcile the advantages of the market as a system of exchange with social ownership of the means of production. One prominent variant involves the cooperative ownership of productive enterprises, which are then encouraged to compete with each other as a way of stimulating production and the efficient exchange and distribution of goods. Supply and demand determine prices and the state intervenes only at the margin. Both Yugoslavia and Hungary introduced this form of market socialism in the 1960s.