Socialism

Many proponents of free markets have tried to cast aside the name “capitalism” as a descriptor of the market system. They should take caution before doing so.

Marx built his infamous labor theory of value on the premise that labor itself was a commodity. However, as Mises and other Austrians have noted, Marx failed both at understanding the complexity of labor and subjective value theories.

It is understood that Marx's theories stand entirely upon his Labor Theory of Value. If that theory is discredited, so is the scenario that leads to the inevitable triumph of communism. That fact, however, doesn't stop Marx's disciples from employing other fallacies.

Socialist regimes tend to follow the same playbook: promise much, deliver little, and, in the end, blame capitalism. Venezuela is the latest socialist entity to enter the Failed State Hall of Fame.

The Mises Institute is creating lessons for young economists to better help them evaluate and interpret economic events. Of course, these lessons also apply to anyone else wanting to be better educated on economics.

Socialist regimes tend to follow the same playbook: promise much, deliver little, and, in the end, blame capitalism. Venezuela is the latest socialist entity to enter the Failed State Hall of Fame.

Trump has taken to calling Kamala Harris a "communist." But a real communist president would be hemmed in by the political class, who wants to keep the profits they’re extracting from us, and limited by a commitment to principles. Harris will not have that problem.

The Labor Party's recent triumph over the intellectually-spent Tories finds the political regime wanting to bring back full-blown socialism. There is little to stop the British left from pushing a disastrous agenda.

Socialists claim that any work done in a market economy is oppressive because labor in that situation cannot be adequately compensated. However, workers in a market system freely choose among many alternatives in order provide the best opportunities for themselves.

The socialist case against capitalism is not based upon facts of history, yet socialism is still seen as the superior moral system. Over time, capitalism creates wealth across society while socialism creates poverty.