In 1920 Ludwig von Mises published “Economic Calculation in the Socialist Commonwealth,” an article that demolished the foundations of socialism in its original, no-private-property-in-the-means-of-production form. In this episode I explain Mises’ thesis, and then show how the problems he identified in classical socialism persist to some extent under any state of any kind.
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Article Discussed
“Economic Calculation in the Socialist Commonwealth,” by Ludwig von Mises
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