Market socialism is a type of economic system involving the public, cooperative, or social ownership of the means of production in the framework of a market economy, or one that contains a mix of worker-owned, nationalized, and privately owned enterprises.
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Market socialism is not exclusive, but can be distinguished from the concept of the mixed economy because some models of market socialism are complete and self-regulating systems, unlike the mixed economy.
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Key theoretical basis for market socialism is the negation of the underlying expropriation of surplus value present in other modes of production.
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Proponents of early market socialism include the Ricardian socialist economists, the classical liberal philosopher John Stuart Mill and the anarchist philosopher Pierre-Joseph Proudhon.
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Market socialism has been used to describe some individualist anarchist works which argue that free markets help workers and weaken capitalists.
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Market socialism put his theories to the test by establishing an experimental "labor for labor store" called the Cincinnati Time Store where trade was facilitated by notes backed by a promise to perform labor.
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Early neoclassical models of Market socialism included a role for a central planning board in setting prices equal marginal cost to achieve Pareto efficiency.
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Alternative outlines for market socialism involve models where socially owned enterprises or producer co-operatives operate within free markets under the criterion of profitability.
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Economists active in the former Yugoslavia, including Czech-born Jaroslav Vanek and Croat-born Branko Horvat, promoted a model of market socialism dubbed the Illyrian model, where firms were socially owned by their employees and structured around workers' self-management, competing with each other in open and free markets.
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Pranab Bardhan and John Roemer proposed a form of market socialism where there was a stock market that distributed shares of the capital stock equally among citizens.
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The core idea was that transition from capitalism to Market socialism required the reorganization of the enterprise from a top-down hierarchical capitalist model to a model where all key enterprise decisions were made on a one-worker, one vote basis.
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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.
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Later, elements of market socialism were introduced in Hungary, Czechoslovakia and Yugoslavia in the 1970s and 1980s.
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Term market socialism has been used to refer to reformed economic systems in Marxist–Leninist states, most notably in reference to the contemporary economy of the People's Republic of China, where a free price system is used for the allocation of capital goods in both the state and private sectors.
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Market socialism thought that the "labouring classes are deprived of their earnings by usury in its three forms, interest, rent and profit".
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McNally criticizes market socialists for believing in the possibility of fair markets based on equal exchanges to be achieved by purging parasitical elements from the market economy such as private ownership of the means of production, arguing that market socialism is an oxymoron when socialism is defined as an end to wage labour.
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