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Journal of Economic Perspectives: Vol. 8 No. 2 (Spring 1994)


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On the Workability of Market Socialism

Article Citation

Bardhan, Pranab, and John E. Roemer. 1994. "On the Workability of Market Socialism." Journal of Economic Perspectives, 8(2): 177-181.

DOI: 10.1257/jep.8.2.177


Contrary to the claim of Andrei Shleifer and Robert W. Vishny (1994), it is conceivable under market socialism to take firms out of the orbit of state control and that a less narrow theory of the state than theirs allows the possibility of democratic socialism mitigating problems of economic inefficiency better than capitalism.

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Bardhan, Pranab (U CA, Berkeley)
Roemer, John E. (U CA, Davis)

JEL Classifications

P26: Socialist Systems and Transitional Economies: Political Economy; Property Rights
P23: Socialist Systems and Transitional Economies: Factor and Product Markets; Industry Studies; Population


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