Socialism: Inability of Economic Calculation (4 of 4)

Socialism: Inability of Economic Calculation (4 of 4)

When it comes to choosing between socialism and capitalism as an economic system, the problem is somewhat different. The authors of socialism never suspected that modern industry, and all the operations of modern business, are based on calculation. Engineers are by no...
Socialism: Freedom vs. Slavery (1 of 4)

Socialism: Freedom vs. Slavery (1 of 4)

I am here in Buenos Aires as a guest of the Centro de Difusión Economía Libre. What is economía libre? What does this system of economic freedom mean? The answer is simple: it is the market economy; it is the system in which the cooperation of individuals in the...
Capitalism: Capital and Wages (3 of 3)

Capitalism: Capital and Wages (3 of 3)

The capitalist system was termed “capitalism” not by a friend of the system, but by an individual who considered it to be the worst of all historical systems, the greatest evil that had ever befallen mankind. That man was Karl Marx. Nevertheless, there is...
Capitalism: Opposition from the Intellectuals (2 of 3)

Capitalism: Opposition from the Intellectuals (2 of 3)

In spite of all its benefits, capitalism has been furiously attacked and criticized. It is necessary that we understand the origin of this antipathy. It is a fact that the hatred of capitalism originated not with the masses, not among the workers themselves, but among...

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