Socialist economists dismiss the term as an apologetic for failures of neoliberal policy and, more fundamentally, their perception of the weaknesses of market allocation.

However in recent decades an alternative Marxist-Leninist economy that exists is the Socialist market economy that has been used by the People's Republic of China, Socialist Republic of Vietnam and historically by the People's Republic of Hungary and the Socialist Federal Republic of Yugoslavia.

The current economic system in China is formally referred to as a Socialist market economy with Chinese characteristics.

In the journal Critique ( Journal of Socialist Theory ), Hillel H. Ticktin argues that the new Soviet rulers found themselves unable to use the market to control and exploit the peasantry and workers.

H. D. Dickinson published two articles proposing a form of market socialism: " Price Formation in a Socialist Community " ( The Economic Journal 1933 ) and " The Problems of a Socialist Economy " ( The Economic Journal 1934 ).

O ' Donnell ( 2003 ) set up a model that could be used as a blueprint for transition economies, and the results suggested that although market socialist models were inherently unstable in the long term, in the short term they would provide the economic infrastructure necessary for a successful transition from Socialist to market economy.

Socialist theories that favored the market date back to the Ricardian socialists, who advocated a free-market combined with state ownership of the means of production.

Although the name is similar, it markedly differs from the socialist market economy and Socialist-oriented market economy, which is practiced within the People's Republic of China and Socialist Republic of Vietnam, respectively.

During the later stages there was talk within top circles that the government should create the Socialist Market Economy ; however, they never reached an agreement of how much socialism and market was to be featured.

The Socialist Republic of Vietnam pursued market-oriented reforms in 1986, resulting in what is officially called a " Socialist-oriented market economy ", a system that utilizes market forces to distribute consumer goods produced by state-run, collectively owned and privately owned enterprises.

* Socialist market economy

* Socialist market economy, an economic system of the People's Republic of China

# REDIRECT Socialist market economy

He chose the former, starting the Socialist Party's acceptance of the private market economy.

From the 1970s to the 1990s, Michel Rocard's group inside the Socialist Party, known as " les rocardiens ", advocated a re-alignment of French socialism through a clearer acceptance of the market economy, more decentralisation and less state control.

Socialist Party councillor Dave Nellist calls climate change " the outcome of a gigantic market failure " citing a United Nations report.

In an issue of The Socialist headlined " Climate change: ' gigantic market failure '", the Socialist Party calls for " green job creation ", proposing that unemployed construction workers be employed to build " new and affordable housing, insulating existing properties and installing solar panels ".

During 1996, however, the economy collapsed due to the Bulgarian Socialist Party's slow and mismanaged economic reforms and an unstable and decentralised banking system, which led to an inflation rate of 311 % and the collapse of the lev.

Historically, in Socialist systems collectivist economics were carried to their furthest extreme, with a minimum of private ownership and a maximum of planned economy.

Adolf Hitler, believing that " the economy is something of secondary importance ", left the details of the economic National Socialist Programme out of Mein Kampf.

The Industrial Revolution modernized the German economy, led to the rapid growth of cities and to the emergence of the Socialist movement in Germany.

After the fall of Socialist Yugoslavia, the economy experienced several shocks that damaged the local economy.

Socialist intellectuals like Otto Neurath had realised that in a completely socialised economy, prices would not exist and central planners would have to resort to in-kind ( rather than monetary ) economic calculation.

The economy of the former Socialist Federal Republic of Yugoslavia established a system based on market-based allocation, social ownership of the means of production and self-management within firms.

To move the backward economy of Russia towards a more developed economy in which socialism would become possible, the Bolsheviks adopted a policy of mixed economics, from 1921 to 1928, and also created the Union of Soviet Socialist Republics at the end of 1922.

Denazification () was an Allied initiative to rid German and Austrian society, culture, press, economy, judiciary, and politics of any remnants of the National Socialist ideology.

The German Socialist Party ( Deutsch-Sozialistische Partei, DSP ) was created in May 1919 as an initiative of Rudolf von Sebottendorf as a child of the Thule society, and its program was based on the ideas of the mechanical engineer Alfred Brunner ( 1881-1936 )-including socialist ideas like the takeover of the financial sector by the state and cutting back the " interest-based economy ".

Armenia emerged from the umbra of the former Soviet Union in 1991 and migrated from a centrally planned economy ( Communist system ) to a market economy ( capitalist system ).

As of January, 2012, some commentators have characterized the unprecedented changes in the global economy as " turbo-capitalism " ( Edward Luttwak ), " market fundamentalism " ( George Soros ), " casino capitalism " ( Susan Strange ), " cancer-stage capitalism " ( John McMurtry ), and as " McWorld " ( Benjamin Barber ).

Although the party approved market economy and held favourable views on liberalizations and the privatization of state industries, however AN was to the left of Forza Italia on economic issues and sometimes supported statist policies.

Bosnia and Herzegovina faces the dual problem of rebuilding a war-torn country and introducing market reforms to its formerly centrally-planned economy.

After the war, Germany took on a spearheading role in investments in production in Bosnia and Herzegovina, which is undergoing a transitional phase from a centrally planned to a market economy.

The economy of Bulgaria functions on the principles of the free market, having a large private sector and a small, but strong public sector.

The economy declined dramatically during the 1990s with the collapse of the Council for Mutual Economic Assistance ( COMECON ) system and the loss of the Soviet market, to which the country had been closely tied.

The economy declined dramatically during the 1990s with the collapse of the Comecon system and the loss of the Soviet market, to which the country had been closely tied.

The European Commission, in its 2002 country report, recognised Bulgaria as a functioning market economy, acknowledging the progress made by Prime Minister Ivan Kostov's government toward market-oriented reforms.

After the fall of Communism and Bulgaria's transition to a market economy, wages fell severely.

A global market for barter mitigates waste and acts as a counterpoint to the disposable economy.

Canada has the tenth largest economy in the world ( measured in US dollars at market exchange rates ), is one of the world's wealthiest nations, and is a member of the Organization for Economic Co-operation and Development ( OECD ) and Group of Eight ( G8 ).

Howlett and Ramesh argue that the inherent instability of such industries also contributes to greater government intervention in the economy, to reduce the social impact of market changes.

Wu Jinglian, one of China's leading economists and a longtime champion of its transition to free markets, says that it faces two starkly contrasting futures: a market economy under the rule of law or crony capitalism.

A mixed economy is a largely market-based economy consisting of both private and public ownership of the means of production and economic interventionism through macroeconomic policies intended to correct market failures, reduce unemployment and keep inflation low.

Chile moved toward a free market economy that saw an increase in domestic and foreign private investment, although the copper industry and other important mineral resources were not opened for competition.

Under the new communist system, privately owned factories and estates were nationalized, and the economy was based on a type of planned market socialism.

Croatia has a stable market economy accompanied by a strong and stable currency, the Kuna.

The People's Bank of China evolved its role as a central bank starting in about 1979 with the introduction of market reforms, which accelerated in 1989 when the country adopted a generally capitalist approach to its export economy.

On the other hand, raising the interest rate is often used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles.

Through open market operations, a central bank influences the money supply in an economy directly.

This turn of events marked China's transition from a planned economy to a mixed economy with an increasingly open market environment, a system termed by some as " market socialism ", and officially by the Communist Party of China as " Socialism with Chinese characteristics ".