Market Socialism Explained: Market Socialism Isn't Socialism

In this video on Market Socialism Explained I cover the contradiction for why Market Socialism isn't Socialism.Show more

Market Socialism is really just another term that describes the combination of Socialism and Capitalism using the market, although Wikipedia claims that there is a distinction between Market Socialism and the mixed economy, the truth is, Socialism has nothing to do with a self-regulating free market.

As I explained, Market Socialism is an oxymoron as Socialism is the complete rejection of the market. A Market pertains to the exchange of goods through trade which relates to Capitalism and consumer demand. Again, all of which as I've explained contradicts communal ownership and Socialism in general.

As noted, Socialism is all about seeking their egalitarian utopia of creating equal distribution of wealth, it is why they are always complaining about wealth inequality. Trade in the market is contradictory of their aims. In the end, it's an idea conjured up by those who have conceded that Socialism itself doesn't work. The idea was brought about to try and solve the Economic Calculation Problem that Socialism is faced with, however, it defies logic as Socialism has nothing to do with individual ownership or consumers driving production which is a key component of a market based economy.

It is for this reason that Market Socialism isn't Socialism and why it's an oxymoron. Socialism is defined by collective ownership that defies trade and central planning of the economy. The reason the Soviet Union required the 5-year plan was because it is impossible to achieve egalitarianism across an entire country and indivdual communes doing their own thing contradicts this. Much like trade with individual countries and people, it defies their aim for equal distribution of wealth.