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In this interview, radical economist David Kotz dissects the lessons drawn from the experience of the Soviet model, explains why reforming capitalism cannot solve the problems built into the capitalist system, and makes a case for democratic socialism as the only sustainable alternative to capitalism

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The Soviet model transformed the lives of the Soviet people for the better in many measurable ways. [...] However, the system had serious economic problems. Many sectors of the economy were inefficient, many consumer goods were of low quality, and many consumer services were simply unavailable. Households often faced shortages of consumer goods.

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Market socialism did not emerge in Russia after the collapse of state socialism, but did emerge in China after 1978 under the post-Mao leadership of Deng Xiaoping. In China, market forces were introduced gradually and with a high degree of state oversight to avoid economic chaos. The record shows that market socialism not only reproduced many of the problems of capitalism but has a tendency to promote a return to capitalism.

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Key features:

(1) Economic allocation decisions are made by all parties affected by the decision. That includes workers, consumers, and the local community.

(2) Differences are settled whenever possible by negotiation and compromise among the relevant parties. If necessary, majority voting can be used.

(3) The mass media are free to criticise the state and its officials.

(4) Individuals are free to criticise the state and its officials.