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09/19/2012

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James

"It can tell us that socialism will anywhere and everywhere fail."

This is bait, right? Surely this is bait?

Harrison Searles

I am being quite serious. Socialism does not have the economic institutions necessary to coordinate production and to put factors of production into their most valued use since it lacks market-determined prices which are a necessary condition for those processes. Ludwig von Mises deserves to be remembered as one of the greatest economists in the previous century for pointing this out in his 1922 book _Socialism_.

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