Market socialism

Definition

Market socialism is an economic system that combines elements of a free market with social ownership and control of the means of production. It aims to utilize the efficiency of markets while ensuring that wealth and power are distributed more equitably.

Related terms

Means of Production: The facilities and resources for producing goods, including factories, land, and machinery.

Free Market: An economic system where prices for goods and services are determined by open competition between businesses, without government intervention.

Wealth Distribution: The manner in which wealth is allocated among members of a society, often a central concern in discussions of economic inequality