Why Market Socialism?
By Wes McPherson What does ‘market socialism’ mean? ‘Market’ indicates the mode of exchange, ‘socialism’ the mode of production. Market socialism stands for the meeting of groups of people to produce and exchange. Market socialism embraces Adam Smith’s vision of buyers and sellers meeting and operating under the ‘invisible hand’ of (fair) free-markets. Socialism means that buyers and sellers must be viewed as equals, neither may exploit each other. A key aspect of market socialism must be to democratize the economy. Market socialism views the economy as a sort of two-tier entity, involving small and large players. Small business must be protected and separated from corporations. The few must be protected from the many as the many must be protected by the few. Small business must be integrated into government, under a ‘Department of Small Business’, while large corporate entities must be allowed to form their own para-governemnt; a democratically elected oligarchy which serves governmen
