Katherina Verdery, What was Socialism, and why Did It Fall (in What was Socialism and what comes next? 1996) What was socialism? Production consumption markets (surveillance and paternalistic redistribution-bureaucratic factionalism ) Production: Weak states: lacks legitimate support from the citizens. Centralized planning (not planned, not controlled). "Plan": targets, annual increase in targets Manipulation by the managers Padding of budgets Hoarding Economies of shortages Capitalism Competiton/profit Competition-seller ☺☺☺ +labour profit Resources distributed Surplus Accumulating surplus value Quality Socialism Competition/bargaining power Competition-buyers/producers - labour Distributable resources Resources at the centre Redistributive power Accumulating means of production Guaranteed goods 1