Analysis of information sources in references of the Wikipedia article "Sosialisme pasar" in Indonesian language version.
It was in the early 1920s that the expression ‘market socialism’ (marktsozialismus) became commonplace. A special term was considered necessary to distinguish those socialists prepared to accept some role for factor markets from the now mainstream socialists who were not.
The first stage was marked by the realization by socialists that prices must be used for economic calculation under socialism; accounting in some kind of ‘natural unit,’ such as the amount of energy or labor commodities embodied, simply would not work. The second stage was characterized by the view that it would be possible to calculate the prices at which general equilibrium would be reached in a socialist economy by solving a complicated system of simultaneous equations… The third stage was marked by the realization, by Lange and others, that markets would indeed be required to find the socialist equilibrium…
...by the 1820s, 'Smithian' apologists for industrial capitalism confronted 'Smithian' socialists in a vigorous, and often venomous, debate over political economy.
