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Socialism

A political system that does not allow for private ownership of property. Unlike a market economy, a planned socialist economy lacks market prices because it does not allow for free exchange. Instead, socialist systems favor government ownership of the means of production and central economic planning. 

C. Bradley Thompson - "Why Marxism?"

 

Jeff Proctor - Why Socialism Fails

 

Peter Boettke - Socialism in Transition

Related Publications

ARCHIVE

Socialist Theater 101

DECEMBER 08, 2011 by NICHOLAS SNOW

ARCHIVE

Against the Zeitgeist

OCTOBER 31, 2011 by NICHOLAS SNOW

Related Freeman Articles

BOOK REVIEW

Why Not Socialism?

DECEMBER 22, 2010 by ART CARDEN

ARTICLE

Who's Afraid of Socialism?

Time to reassess our strategy.

AUGUST 13, 2010 by SHELDON RICHMAN

It is not obvious to me a priori that the American variant of the welfare state is superior in every respect to the European variant.

FROM THE PRESIDENT

The Soviet Chamber of Horrors: Reminders on the Ninetieth Anniversary of the Bolshevik Revolution

Twentieth-Century Socialism Is a Story of Crushing Tyranny and 64 Million Deaths

NOVEMBER 01, 2007 by RICHARD EBELING

Related Multimedia

MULTIMEDIA - AUDIO

Intellectuals and Socialism

JANUARY 19, 2010

This lecture, in which Hayek discusses "Intellectuals and Socialism" was recorded March 23, 1962.

MULTIMEDIA - VIDEO

The Dubious Appeal of Socialism

MAY 04, 2009

MULTIMEDIA - VIDEO

Liberalism or Neo-Socialism in Latin America

MARCH 09, 2009

ONLINE EVENTS

FEE offers live online events for people new to the economic, ethical, and legal principles of a free society.

CURRENT ISSUE

December 2014

Unfortunately, educating people about phenomena that are counterintuitive, not-so-easy to remember, and suggest our individual lack of human control (for starters) can seem like an uphill battle in the war of ideas. So we sally forth into a kind of wilderness, an economic fairyland. We are myth busters in a world where people crave myths more than reality. Why do they so readily embrace untruth? Primarily because the immediate costs of doing so are so low and the psychic benefits are so high.
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