The Socialist Challenge
Note: the first time you go through each of these topics you should click on the following items in sequence.
|Ever since the
idea of the self-regulating market was introduced there has been debate
over the extent to which markets should be entrusted with the control of
economic life. In this topic we look at the socialist critique of the market
system and try to show that it was not necessarily a rejection of the technical
operation of free and competitive markets, but more a concern with their
social, political and other non-economics impacts on society. In a later
topic we will consider criticisms which focus more on certain technical
shortcomings of markets, the phenomenon of "market failure".