The selection, analysis and interpretation of historical ‘facts’ always takes place within a paradigm, a model of how the world works. That’s why history is always a battleground, declares the Marx Memorial Library
What is ‘market socialism’?
Social ownership and democratic control of the means of production, distribution and exchange needs to include effective feedback mechanisms to ensure that output and demand are in balance, writes the Marx Memorial Library
China considers itself a socialist country but has embraced markets and globe-spanning chains like McDonald’s
[Martin Lewison/Creative Commons]
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ON THE face of it, “market socialism” may seem a contradiction in terms.
Capitalism is sometimes characterised as a “market” economy in which supply and demand regulate prices so that production and consumption remain in balance.
The reality of course is that it is a dysfunctional system, hugely exploitative of people and our planet and today dominated by multinational companies and financial institutions. It’s anything but a “free market.”
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The selection, analysis and interpretation of historical ‘facts’ always takes place within a paradigm, a model of how the world works. That’s why history is always a battleground, declares the Marx Memorial Library
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