This document summarizes different economic systems including market socialism, totalitarian socialism, and debates around market socialism. Market socialism combines elements of socialism and market economies with the aim of creating a fairer society. Totalitarian socialism involves complete government control over the economy and limited individual rights. The debate around market socialism began with arguments about central planning versus markets. Over 50 years, economists discussed the potential for market socialism as an alternative that provides both democracy and economic efficiency. The document also compares democratic socialism to democratic capitalism, noting democratic capitalism may be more economically efficient while they share democratic values.
1. Politics Of Market Socialism
Presented by:
Abdul Rafay Khan F2021188008
Muaaz Azhar F2021188046
2. Market socialism
• Economic system that combines elements of both socialism and market-
based economy.
• Aim to have fairer society.
3. Totalitarian socialism
• Political system where the government has complete control over everything.
• Government owns and runs businesses and there is little bit or no private
ownership.
• Single ruling party has a lot of power and people have very limited rights and
freedoms.
4. Market Socialism debate
• Started with Barone who pointed out central planner Walrasian Auctioner.
• Barone argument invited objections from Von mises and Hayek.
• Lange argument.
• Lange gave reasons why socialism is superior.
• Lange’s model have two disadvantages.
• 50 years: discussion of market socialism.
5. Democracy and Economic Efficiency:
• Insulation of public firms from political pressure
• Democratic leading models:
• Majority Voting Model
• Interest Group Model
• Both models cancel each other
• No presumption of democrative politics i.e. Sweden
