Q. The term “market socialism” was coined by which of the following?
Explanation: On the margins of these developments, it is interesting to note the developments that occured in the state economies of the time.
- It was Oscar Lange (1904–65), the Polish philosopher, who in 1950s suggested the same things for the socialist economy as Keynes had suggested for the capitalist economy.
- Lange praised the state economy for many of its good things, but also suggested inclusion of some of the good things of the capitalistic economy.
- He advised the state economies to adopt ‘market socialism’ (the term was coined by him).
Source: Ramesh Singh