This chapter discusses the phenomenon of market socialism in the state sector. The practical changes involved in this constitute one of the major tendencies in the move away from classical socialism. Aspects addressed are ideological antecedents; the application of market socialism in selected socialist countries (Yugoslavia, Hungary, China, Poland, Vietnam, and the Soviet Union); alternative strategies for deregulation; the firm's vertical dependence; the softness and hardness of budget constraint, and the firm's responsiveness to prices; the affinity between public ownership and bureaucratic coordination; horizontal relations of firms in public ownership; the relative proportions of bureaucratic and market coordination, and the interactions between them; and the relation between publicly owned firms and the private sector.
Keywords: budget constraint, bureaucratic coordination, China, classical socialism, deregulation, economic reform, Hungary, market coordination, market socialism, Poland, prices, private ownership, public ownership, reform, socialist systems, Soviet Union, Vietnam, Yugoslavia
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