Market Socialism or Capitalism?
Market Socialism or Capitalism?
The Transnational Critique of Neoclassical Economics and the Transitions of 1989
This chapter focuses on the period from the 1970s to 1989, a time when neoclassical economists around the world felt that something was wrong with their field and began to criticize themselves despite gaining new forms of political and social influence. Many neoclassical economists saw 1989 as the end of the Soviet Union's state socialism, which they had opposed for so long, and the realization of market socialism. This chapter looks at the transnational critique of neoclassical economics and the transitions of 1989, focusing on criticisms in Hungary, Yugoslavia, and the United States. It looks at how mainstream neoclassical economists used socialisms for macroeconomic modeling, considers the notion of the “representative agent” or “social planner,” and neoclassical economics within the World Bank.
Keywords: neoclassical economics, Soviet Union, market socialism, Hungary, Yugoslavia, United States, social planner, World Bank, macroeconomic modeling
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