ABSTRACT

According to much of the literature and the dominant perception of the IMF, the World Bank and mature market economies, adoption of the capitalist market economy was the only possible way to avoid stagnation in CEEFSU. In reaction to the failures of Stalinism, capitalism – conceptualized today as a ‘normal society’ (Blackburn, 1991a, p. x) – came to be seen the only viable alternative for the people of CEEFSU, even though a capitalist class did not exist. However, this view was not necessarily accurate. The course of events might have taken another route, and it might have resulted in the adoption of a market socialist economic system. Capitalism was not necessarily the mode of production into which all societies were bound to evolve. Since the transition process did not automatically lead to a capitalist economic system, market socialism was worthy of serious consideration.