what is wrong with markets? i will discuss four reasons you should reject markets if you want to build a socialist economy—four reasons markets are not the harmless coordinating mechanism that guarantees efficiency some would have us believe, but instead a powerful social institution that undermines everything socialism stands for while generating a great deal of inefficiency as well. i will argue that (1) markets distribute the burdens and benefits of economic cooperation unfairly, (2) markets undermine solidarity and promote egotistical attitudes and behavior, and (3) markets fail to provide economic democracy and subvert political democracy as well. finally, contrary to what most economists will tell you, i will explain why (4) markets do not allocate scarce productive resources efficiently// robin hahnel, 01.08, monthly review
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