Market socialism

Market socialism is an economic system in which the means of production are owned by the workers in each company (meaning in general that "profits" in each company are distributed between them: profit sharing) and the production is not centrally planned but mediated through the market. Its central idea is that the free market is not a mechanism exclusive to capitalism and that it is fully compatible with collective worker ownership over the means of production - which is one of the fundamental principles of socialism. Proponents of market socialism argue that it combines the advantages of a free market with those of socialism.

Related Topics:
Economic system - Means of production - Profit sharing - Centrally planned - Market - Free market - Capitalism

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One of the principal advocates of market socialism in the United States is philosopher David Schweickart, whose version of market socialism is called "Economic Democracy".

Related Topics:
United States - David Schweickart - Economic Democracy

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