The New Market Socialism: A Critical Review

This article focuses on the new market socialist literature published in 1991-1995. Comparisons are made between the new and older models of market socialism. Contributions to the new literature are critically examined. It is argued that the new market socialism does not present a viable alternative to modern democratic capitalism. The article also discusses what some had believed to be the dilemma post-communist societies would face: market socialism or the restoration of capitalism. In this connection, some of the transformation options are examined.