The Reading Room

The Best of the OLL No. 68: Ludwig von Mises, “Economic Calculation under Socialism” (1922)

This is part of “The Best of the Online Library of Liberty” which is a collection of some of the most important material in the OLL. A thematic list with links to HTML versions of the texts is available [here](/pages/best-of-the-oll). This chapter comes from Mises' pioneering critique of socialism which he published in 1922 soon after the Bolsheviks came to power in Russia. In these extracts he makes the famous case that, without free market prices, rational economic planning is impossible under socialism.