Confronting Capitalism: Socialism in the 21st Century
Jacobin Radio
00:00
Spectrum of Market Intervention
- There's a spectrum of approaches to managing markets, ranging from minimal intervention to complete control.
- Social democracy seeks to mitigate the negative impacts of the market by providing basic necessities as rights, without abolishing markets altogether.
- Full economic planning, as attempted in the Soviet Union and early China, represents the most ambitious form of market control, where conscious decisions replace market forces.
- Market socialism is a theoretical middle ground that retains markets for some goods while planning others, differing from capitalism in its overall goals and mechanisms.
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