MARCH 26, 2013
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
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Time to reassess our strategy.
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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.
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