Question
Explain the problems of Market Socialism?
Answer :
Word Count : 450
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From an orthodox Marxist perspective, there is the definitional critique, which is as follows: market socialism is characterized by the same underlying “laws of motion” which characterize capitalism, such as the maximization of profits by sectional enterprises within the framework of a market economy, where both capital goods and labor power is exchanged in factor markets. While these enterprises are not privately-owned, the difference between capitalism is only a “surface modification” that functions according to the same laws and dynamics of capitalism, and thus “market socialism” is in fact only
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