Show Summary Details

Page of

PRINTED FROM OXFORD HANDBOOKS ONLINE ( © Oxford University Press, 2018. All Rights Reserved. Under the terms of the licence agreement, an individual user may print out a PDF of a single chapter of a title in Oxford Handbooks Online for personal use (for details see Privacy Policy and Legal Notice).

date: 13 June 2021

Abstract and Keywords

In this chapter, the position of market socialists is critically analyzed from the Austrian point of view. First, the definition of socialism is introduced, based on the concept of institutional coercion acting on Kirznerian entrepreneurship. Second is a review of the different aspects of the theorem of the impossibility of socialism, as it was originally developed by Mises and Hayek. Then market socialism is defined and studied, along with the main contributions of its sponsors. A special analytical treatment is provided on the classical model of market socialism from Oskar Lange and its main perpetuators during the twentieth century. Finally, the chapter analyzes the implicit contradiction of market socialism which also affects its most modern varieties and authors. The conclusion is that the position of market socialists is naive and paradoxical.

Keywords: bureaucratic agencies, contradiction, entrepreneurship, market socialism, paradoxical, parametric prices, socialism, trial-and-error

Access to the complete content on Oxford Handbooks Online requires a subscription or purchase. Public users are able to search the site and view the abstracts and keywords for each book and chapter without a subscription.

Please subscribe or login to access full text content.

If you have purchased a print title that contains an access token, please see the token for information about how to register your code.

For questions on access or troubleshooting, please check our FAQs, and if you can''t find the answer there, please contact us.