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The Owl of Minerva

Volume 46, Issue 1/2, 2014/2015

David Schweickart
Pages 67-77
DOI: 10.5840/owl20156813

Marx's Democratic Critique of Capitalism and Its Implications for a Viable Socialism

This paper argues that Marx’s critique of capitalism is not, as commonly believed, a critique of the “free market.” I argue that the “market” under capitalism should be understood as a three-fold market—for goods and services, for labor and for capital. I argue that Marx’s critique is essentially a critique of the latter two markets, and not the first. Hence theoretical space opens up for “market socialism.” I proceed to elaborate briefly what specific institutions might comprise an economically viable socialism that would not be vulnerable to Marx’s critique.