The Politics of Market Socialism
AbstractThe debate over market socialism has ignored the importance of the assumptions about the objectives of politicians in determining resource allocation. Theory and evidence suggest that totalitarian socialism does not lead to efficient resource allocation because dictators do not maximize social welfare. But democratic governments have political objectives different from social welfare as well. The authors argue that because these governments command greater resources (have more control rights) under socialism, democratic socialism (even if it could exist) is a less efficient system than democratic capitalism. Thus the political case against market socialism is even stronger than the economic case.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoArticle provided by American Economic Association in its journal Journal of Economic Perspectives.
Volume (Year): 8 (1994)
Issue (Month): 2 (Spring)
Find related papers by JEL classification:
- P26 - Economic Systems - - Socialist Systems and Transition Economies - - - Political Economy
- P23 - Economic Systems - - Socialist Systems and Transition Economies - - - Factor and Product Markets; Industry Studies; Population
You can help add them by filling out this form.
CitEc Project, subscribe to its RSS feed for this item.
- Chong-en Bai & Yijang Wang, 1997.
"Agency in Project Screening and Termination Decisions: Why is Good Money Thrown after Bad?,"
Boston College Working Papers in Economics
347., Boston College Department of Economics.
- Chong-en Bai & Yijiang Wang, 1997. "Agency in Project Screening and Termination Decisions: Why Is Good Money Thrown After Bad?," William Davidson Institute Working Papers Series 43, William Davidson Institute at the University of Michigan.
- Argandoña, Antonio, 2000. "Sobre la corrupción," IESE Research Papers D/418, IESE Business School.
- Aidt, Toke & Jayasri Dutta, 2002.
"Policy compromises: corruption and regulation in a dynamic democracy,"
Royal Economic Society Annual Conference 2002
1, Royal Economic Society.
- Aidt, T.S. & Dutta, J., 2004. "Policy Compromises: Corruption and Regulation in a Dynamic Democracy," Cambridge Working Papers in Economics 0404, Faculty of Economics, University of Cambridge.
- Chong-en Bai & Yijiang Wang, 1995. "A Theory of the Soft-Budget Constraint," Boston College Working Papers in Economics 298., Boston College Department of Economics.
- Ekaterina Zhuravskaya, 2007. "Whither Russia? A Review of Andrei Shleifer's A Normal Country," Journal of Economic Literature, American Economic Association, vol. 45(1), pages 127-146, March.
- Argandoña, Antonio, 2004. "Corruption and companies: The case of facilitating payments," IESE Research Papers D/539, IESE Business School.
- Antunes, Davi, 2004.
"Valoração Ambiental e Meio Ambiente: Uma Visão Crítica
[Environmental Valuation and Environment: A Critical Assessment]," MPRA Paper 48929, University Library of Munich, Germany, revised Apr 2004.
- Alexandre Rands, 2005.
"The Impact of States Owned Banks on Interest Rates Spread,"
42, Datamétrica Consultoria Econômica, revised 2005.
- Alexandre Rands Barros, 2005. "The Impact Of State Owned Banks On Interest Rates Spread," Anais do XXXIII Encontro Nacional de Economia [Proceedings of the 33th Brazilian Economics Meeting] 041, ANPEC - Associação Nacional dos Centros de Pósgraduação em Economia [Brazilian Association of Graduate Programs in Economics].
- Guriev, Sergei & Rachinsky, Andrei, 2006. "The Evolution of Personal Wealth in the Former Soviet Union and Central and Eastern Europe," Working Paper Series RP2006/120, World Institute for Development Economic Research (UNU-WIDER).
- Dic Lo & Russell Smyth, 2004.
"Towards a re-interpretation of the economics of feasible socialism,"
Cambridge Journal of Economics,
Oxford University Press, vol. 28(6), pages 791-808, November.
- Dic Lo & Russell Smyth, 2002. "Towards A Re-Interpretation Of The Economics Of Feasible Socialism," Working Papers 119, Department of Economics, SOAS, University of London, UK.
- JoÃ£o Carvalho Santos & Manuel Portugal Ferreira & Nuno Rosa Reis & Martinho Ribeiro Almeida, 2012. "Mergers & acquisitions research: A bibliometric study of top strategy and international business journals," Working Papers 91, globADVANTAGE, Polytechnic Institute of Leiria.
- Aidt, T.S. & Dutta, J., 2008. "A Theory of the Corrupt Keynesian," Cambridge Working Papers in Economics 0861, Faculty of Economics, University of Cambridge.
- Yong Wang & Xuewen Liu & Xi Li, 2013. "A Model of China's State Capitalism," 2013 Meeting Papers 853, Society for Economic Dynamics.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Jane Voros) or (Michael P. Albert).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.