Abstract: The book was completed in the autumn of 1988 and published in hardback almost a year later, but the momentous events of 1989 seem not have overtaken the validity of the argument presented here. The book examines—theoretically and in the light of empirical evidence—the roots of the failure of the Marx-inspired economic system of socialism, and hence the reasons behind the search of market-oriented remedies. The twists and bends of this difficult search have led to what in the book is termed ‘market socialism proper’ (MS) as the last station of the ultimately futile reformist road. ‘Real socialism’ has proved non-reformable, and even MS would hardly match the advantages of the private market economy. This conclusion argued in the book does not justify, however, the laissez-faire tendency to abandon a number of basic values associated with socialism: major concern for full employment, social care, which in turn imply preservation of a place of substance to state macroeconomic policy, equality of opportunity based on redistribution of income and wealth etc. reflecting the concept of an overall interest of society which cannot just be reduced to a sum of individual self-interests.

Keywords: capitalism, employment, macroeconomic policy, market, Karl Marx, public interest, reformism, socialism