The brutal rejection of capitalism in favor of socialism by African politicians at independence was largely due to a deep-seated misconception that equates capitalism to colonialism.
Economic realities mean the socialist state would need to utilize the same method of discounting wages as capitalists do. The only difference is that under socialism, bureaucrats would do the "exploitation."
Why don't corporations just get bigger and bigger until they take over the whole economy? Unlike states, firms aren't necessarily better off as they get bigger.
Why don't corporations just get bigger and bigger until they take over the whole economy? Unlike states, firms aren't necessarily better off as they get bigger.
Plato’s philosophy is the foundation of Keynesian economics and Keynes advocated a brand of socialism that was virtually identical to Plato’s.
Mises in 1944: "The German and the Russian systems of socialism have in common the fact that the government has full control of the means of production."
We're building a bridge from Austrian theory to its application in business. This can help us gain a greater understanding of the merits of Austrian economics.
The new progressive world order is little more than the latest version of the socialist revolutions pushed in the Old World. But this agenda is cloaked in promises of "efficiency" and "sustainability."
The new progressive world order is little more than the latest version of the socialist revolutions pushed in the Old World. But this agenda is cloaked in promises of "efficiency" and "sustainability."
Mises in 1944: "The German and the Russian systems of socialism have in common the fact that the government has full control of the means of production."
