Volume 10: No 4 (2007)
In 1920 Mises presented his famous essay on socialism, which would change, and eventually destroy, the whole scientific case for Marxist socialism (Mises 1990). Afterward, no one could seriously defend that doctrine. Mises argued that socialism cannot be effectively organized because of the "calculation problem." He based his analysis on the comparison of central planning to the private property regime. Here is a brief summary of his argument.
