Browsing All posts tagged under »American System«

Economic calculation revisited – the case of monopoly, socialism and the Road to Serfdom

April 10, 2011

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The economic calculation problem of socialism is similar to the problem of economic calculation under monopoly. However, the absence of private ownership under socialism adds an additional layer of chaos to socialism, which is exacerbated under democratic political competition. This is what makes monarchy preferable to democracy, yet inferior to a free market of security. […]