Q. The term “market socialism” was coined by which of the following?

[A] Adam Smith

[B] David Ricardo

[C] J. M. Keynes

[D] Oscar Lange

Answer: D

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