Economics and Philosophy

Essays

Marx And Disequilibrium in Market Socialist Relations of Production

N. Scott Arnolda1

a1 University of Alabama, Birmingham

One feature of socialism that has been little discussed in the recent revival of interest in Marx is the basic form of economic organization that will characterize such a society. Marx's view, to be documented in what follows, is that socialism would not have a market economy. This prediction should be a matter of some embarrassment or consternation to twentieth-century socialists outside of the Soviet bloc who claim a Marxist heritage. Despite the fact (or perhaps because of the fact) that some socialist regimes in the first half of this century did carry out a program of (largely) abolishing the market, the abolition of markets is no longer on the agenda for developed and developing countries. On the Left, anyway, some form of market socialism seems to be the preferred alternative; Yugoslavia is often pointed to as an imperfect real world exemplar of what market socialism might be like.