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Georgi Petrov and the Theoretical Foundations of the Market Socialist Economy in Bulgaria. Part One: Market, Profit, and Pricing

Author

Listed:
  • Nikolay Nenovsky
  • Tsvetelina Marinova

Abstract

This article examines the main themes and ideas behind the intellectual project of Georgi Petrov, which constitutes a coherent and well-argued justification of the need for a decentralized economy. Among the central topics discussed are the transition from directive planning to the use of economic levers, the establishment of a new basis for price formation, the granting of full autonomy to enterprises, and their integration into market mechanisms based on competition and profit incentives. The article also presents his views on forms of ownership and on the overall model of democratic socialism. His 1969 book Commodity Relations and Price Formation under Socialism stands out as one of the most significant Marxist theoretical arguments in support of the market economy model in Eastern Europe during that period. The present study will be separated into two parts, published in two consecutive issues of the journal.

Suggested Citation

  • Nikolay Nenovsky & Tsvetelina Marinova, 2026. "Georgi Petrov and the Theoretical Foundations of the Market Socialist Economy in Bulgaria. Part One: Market, Profit, and Pricing," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 22-52.
    • Handle: RePEc:bas:econth:y:2026:i:1:p:22-52
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    References listed on IDEAS

    as
    1. Vladimir Kontorovich, 1988. "Lessons of the 1965 Soviet economic reform," Europe-Asia Studies, Taylor & Francis Journals, vol. 40(2), pages 308-316.
    2. Jan Adam, 1989. "Economic Reforms in the Soviet Union and Eastern Europe since the 1960s," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-19709-5, September.
    3. Eric Magnin & Nikolay Nenovsky, 2025. "Energy and productivity-based theory of cycle and crisis: the monistic approach of Vladimir Bazarov (1874–1939)," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 32(1), pages 35-57, January.
    4. J. Wilczynski, 1972. "Socialist Economic Development and Reforms," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-01255-8, September.
    5. Spulber,Nicolas, 2011. "Organizational Alternatives in Soviet-Type Economies," Cambridge Books, Cambridge University Press, number 9780521179966.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals
    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • P2 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies

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