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Problematic for market formalism is the relationship between formal capitalist economic processes and a variety of alternative forms, ranging from semi-feudal and peasant economies widely operative in many developing economies, to informal markets, barter systems, worker cooperatives, or illegal trades that occur in most developed countries ...
The social market economic model, sometimes called Rhine capitalism, is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure, destructive competition, concentration of economic power and the socially harmful effects of ...
The social market economy (SOME; German: soziale Marktwirtschaft), also called Rhine capitalism, Rhine-Alpine capitalism, the Rhenish model, and social capitalism, [1] is a socioeconomic model combining a free-market capitalist economic system alongside social policies and enough regulation to establish both fair competition within the market and generally a welfare state.
The Nordic countries share active labour market policies as part of a social corporatist economic model intended to reduce conflict between labour and the interests of capital. This corporatist system is most extensive in Norway and Sweden, where employer federations and labour representatives bargain at the national level mediated by the ...
The term market socialism has been used to refer to reformed economic systems in Marxist–Leninist states, most notably in reference to the contemporary economy of the People's Republic of China, where a free price system is used for the allocation of capital goods in both the state and private sectors.
[15] [16] A social market economy is a largely free-market economy based on a free price system and private property that is supportive of government activity to promote competition in markets and social welfare programs to address social inequalities that result from market outcomes. [15] [16]
Market socialism consists of publicly owned or cooperatively owned enterprises operating in a market economy. It is a system that uses the market and monetary prices for the allocation and accounting of the means of production, thereby retaining the process of capital accumulation.
When planning is utilized, the economic system is designated as a socialist planned economy. Non-market forms of socialism usually include a system of accounting based on calculation-in-kind to value resources and goods. [12] [13] Socialist economics has been associated with different schools of economic thought.