Nightcap

  1. Neoliberalism is making the world much more equal Scott Sumner, EconLog
  2. How effective are Islamic states at satisfying the religious needs of their citizens? Nile Green, Los Angeles Review of Books
  3. Socialism won’t get rid of bosses, either Christopher Freiman, Bleeding Heart Libertarians
  4. Hayekian communism Branko Milanovic, globalinequality

Nightcap

  1. Forget Trump: The Military-Industrial Complex is Still Running the Show With Russia Bruce Fein, American Conservative
  2. King Thibaw’s Elephants Jonathan Saha, Colonizing Animals
  3. Revolution and Decolonization in the Arab World Yoav Di-Capua, Age of Revolutions
  4. The Hunger for a Bold Socialism Conor Friedersdorf, the Atlantic

Communism / socialism is rubbish – both in theory and in practice.

I’m getting tired of reading and listening to so-called libertarian or conservative people saying that “in theory socialism is beautiful.” No, it’s not. In theory, socialism can be summed up as “the end of private property.” This is how Karl Marx summed it up. The genius of Ludwig von Mises is precisely in the fact that he did not have to wait until 1989, when the Berlin Wall fell, to realize that this does not make sense. When the Soviet Union was still a young country sweeping intellectuals around the world, von Mises made the following remark: without private property, there is no supply and demand. Without supply and demand, there is no price formation. Without prices the economic calculation is impossible. And that is precisely what happened in the USSR and happens in countries that follow the path of socialism: without the compass of free market prices, governors can not make decisions about allocating resources. Socialism is the death of rationality in economics. Socialism is rubbish in practice because before that it’s rubbish in theory. Please stop talking nonsense. The free market, on the other hand, is beautiful in practice because first of all, it is beautiful in theory.