After the nationalization of Fannie Mae and Freddie Mac and the “rescue” of AIG, a television talking head said, “We are all socialists now.” While an increase in public ownership per se would not, in the view of most democratic socialists, constitute a transition to socialism, it does seem that alternatives to capitalism need reconsideration. Beginning from an essay by Nobel Laureate W. Arthur Lewis, this essay sketches some possible forms for a market socialist system combining public ownership with decentralized, interested management by worker-cooperatives. The first section reconsiders whether “we are all socialists now” in the light of the crisis of 2008. The second section outlines the ideal type of cooperative socialism. After sketching the proposal at a very high level of abstraction, the essay goes on to discuss the sense in which this system would constitute socialism, no less than would a system of central planning, to consider issues concerning “retirement fund socialism,” “entrepreneurship” and economic evolution, and money and banking. The third section revisits the socialist idea of distribution according to need, and the last reconsiders the relative role of markets and planning in the light of distribution according to need, externality, and the relatively extreme equalitarian value theory that emerged from neoclassical economics in the late twentieth century. The conclusion of this section is that prices would remain crucial tools of rational planning and that familiar policy tools, such as Pigovian taxes and subsidies, would be the means of implementing a plan in a cooperative socialist system. The overall conclusion, summarized in a final section, is that cooperative market socialism is a viable but radically different economic system for a democratic society, but that the tendencies created by public responses to the crisis of 2008, destructive as they are of market capitalism, do not promise to realize any actual socialism.