Market socialism

Market socialism is an economic system in which socially owned enterprises use markets, prices, and competition to coordinate production and exchange.

Social ownership: Ownership of productive assets by society collectively, rather than by private individuals or firms. It determines who controls enterprises while markets still coordinate their activity.
Capitalism: An economic system characterized by private ownership of capital and production for profit. It pairs market coordination with predominantly private ownership, unlike market socialism.
Socialism: A family of political and economic traditions advocating social control or ownership of productive resources. Market socialism is one approach within the broader socialist tradition.
Yugoslav self-management: A system in socialist Yugoslavia in which workers' councils governed socially owned enterprises operating in markets. It was a large-scale attempt to combine worker governance with market exchange.
Income inequality: The unequal distribution of income among individuals or households in a population. Market earnings can create disparities even when productive assets are socially owned.
Worker cooperative: An enterprise owned and democratically governed by its workers. Worker cooperatives are one way market-socialist firms can be socially owned.
Central planning: An economic system in which a central authority directs production and allocates resources through plans. It replaces much of the market coordination market socialism retains.
Oskar Lange: A Polish economist who developed a model of market socialism using public ownership and trial-and-error pricing. His proposal answered arguments that socialism could not calculate prices rationally.
Czechoslovak economic reform of 1968: A reform program that sought to give enterprises greater autonomy and use market mechanisms within Czechoslovakia's socialist economy. It tested expanded enterprise autonomy within a state-socialist setting.
Workplace democracy: The participation of workers in decisions governing their workplace and enterprise. Worker control is a possible consequence of defining enterprises as socially owned.

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