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The Politics of Market Socialism

Author

Listed:
  • Shleifer, Andrei
  • Vishny, Robert W

Abstract

The 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.
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Suggested Citation

  • Shleifer, Andrei & Vishny, Robert W, 1994. "The Politics of Market Socialism," Scholarly Articles 33077903, Harvard University Department of Economics.
    • Handle: RePEc:hrv:faseco:33077903
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    JEL classification:

    • P26 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Property Rights
    • P23 - Political Economy and Comparative Economic Systems - - Socialist and Transition Economies - - - Factor and Product Markets; Industry Studies; Population

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