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
SEPTEMBER 08, 2009
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This lecture, in which Hayek discusses "Intellectuals and Socialism" was recorded March 23, 1962.