Market Socialism

October 23, 2008 in Socialism by Greg | 1 comment

In reading an article today by D. W. MacKenzie1, I came across a reference to Oskar Lange and “market socialism“. In doing a little research, I found this quote by Lange below. Unless I am mistaken, it sounds startlingly familiar to the recent financial crisis.
Oskar Lange

A socialist government really intent upon socialism has to decide to carry out its socialization program at one stroke or to give it up altogether. The very coming into power of such a government must cause a financial panic and economic collapse. Therefore, the socialist government must either guarantee the immunity of private property and private enterprise in order to enable the capitalist economy to function normally, in doing which it gives up its socialist aims, or it must go through with its socialization programs with maximum speed. Any hesitation, vacillation and indecision would provoke the inevitable economic catastrophe. Socialism is not an economic policy for the timid.2

Didn’t President Bush say over and over that the bill had to be passed as soon as possible? Here is Campbell Brown’s review of recent events that is pushing us towards market socialism.

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Sources:

  1. MacKenzie, D. W. “A Move Towards Market Socialism“. Mises.org. 23 October 2008.↩
  2. Oscar Lange as quoted in Morawitz, David. “Economic Lessons from Some Small Socialist Developing Countries”. World Development 8 (1980): 337-369.↩

Tags: Financial Crisis, Oskar R. Lange, Socialism

  1. Chris H.No Gravatar on October 24, 2008 at 8:55 am

    Cool! I am a market socialist. Thanks for making the mention, though I know your are not endorsing the idea. The bailout is more heavy Keynesianism. Market Socialism says that we should allow for market mechanism, particularly in the firm, and then ensure basic justice and the redistribution of wealth.