An economic system in which the state retains control of the economy as a whole and the ownership of some major industries, while allowing considerable scope for private enterprise and the operation of market mechanisms.
Origin
1930s; earliest use found in The American Economic Review.
Definition of market socialism in US English:
market socialism
noun
An economic system in which the state retains control of the economy as a whole and the ownership of some major industries, while allowing considerable scope for private enterprise and the operation of market mechanisms.
Origin
1930s; earliest use found in The American Economic Review.