'Market Socialism' as a Vision

Abstract

'Market socialism', which has been attempted in the reform process of Eastern Europe up to 1989, came to be considered the tentative model combining macro-economic management, social policy and socialist values, while abandoning Marxist socialism. From this process re-emerged the deep insight of Mises and Hayek in the 'socialist economic calculating debate'. But the author does not accept Hayek' 'market order=spontaneous order' qualified as the total social order in the following respects : his neglect of the liberty politically organized ; his deficient understanding about mixture of market principles, intimate communal relations and public principles ; and his nonchalance towards the possibility of depletion of 'moral capital'. Full utilization of market mechanism which 'market socialism' assumes, however, inevitably brings about re-examination of the relation between market itself and its effects molding society and individuals. In this respect D.Miller's latest work is worth reviewing. Competitive market enables distributive justice in terms of deserts, only on the condition that there exist communal bond based on citizenship. Realization of economic democracy, one of the main claim of 'market socialism' vision to transfrom the capitalist system, has great significance both as a best 'learning' opportunity and as re-distribution of the power in industry.