Market Socialism
Summary from the Wikipedia article at http://en.wikipedia.org/wiki/Market_socialism
"Market Socialism is an economic system in which the means of production are owned either by the state or by the workers in each company (meaning in general that "profits" in each company are distributed between them: profit sharing) and the production is not centrally planned but mediated through the market . Its central idea is that the market is not a mechanism exclusive to capitalism and that it is fully compatible with collective worker ownership over the means of production — which is one of the fundamental principles of socialism.
Proponents of market socialism argue that it combines the advantages of a market economy with those of socialist economics. The theory is fundamentally contradictory to orthodox Marxism.
Proponents of market socialism include economist John Roemer and philosopher David Schweickart, whose version of market socialism is called " Economic Democracy".
Key Books to Read
- After Capitalism (Rowman and Littlefield, 2002) - ISBN 0742513009
- Market Socialism: The Debate Among Socialists, coauthored with Bertell Ollman, Hillel Ticktin and James Lawler (Routledge, 1998)
- Against Capitalism (Cambridge University Press, 1993) [Spanish translation, 1997; Chinese translation, 2003])
- Capitalism or Worker Control? An Ethical and Economic Appraisal (Praeger, 1980)
See also the book on Self-Managed Market Socialism